With this new funding, OneStack plans to digitise over 1,000 cooperative banks and credit societies in 2023, marking a milestone in its mission to augment these financial institutions. The funding round attracted a diverse group of investors, including growX, Stride, 9Unicorns, Venture Catalyst, and existing investors.
Officials from OneStack said they are happy to have the support of investors as they embark on a new phase of growth. This infusion of funds drives their growth journey at an accelerated pace. With these additional resources, they are enabling cooperative banks and credit societies to stand their ground in this digital epoch. Beyond transformation and growth, the company is dedicated to financial inclusion, bridging the gap for the next 400 million Bharat customers.
OneStack is introducing OneCBS, a core banking solution that will further develop the cooperative banking industry. OneCBS is an advanced cloud-based platform equipped with integrated mobile applications and switch connectivity. This solution enables banks and societies to optimise their processes, elevate customer interactions, and leverage data-driven insights.
In addition, the company is unveiling SoundBox, a customised merchant ecosystem solution designed specifically for cooperative banks and credit societies. By adopting SoundBox, these institutions can seamlessly offer digital payment services to their merchants, enabling them to effectively compete with prominent Indian fintech players.
Stride Ventures’ officials expressed their satisfaction in partnering with OneStack, emphasising their commitment to serving the banks of Bharat and enhancing the digital financial experiences of underserved customers. OneStack's white-labelled app enables cooperative banks to offer personalised digital banking services, making them instrumental in bridging the gap and providing digital banking solutions to the underserved segment. This initiative contributes to the Digital Bharat initiative and the Indian Government's objectives of promoting financial inclusion.
According to the press release, OneStack's services have a significant market potential, serving a vast customer base that includes over 1,200 urban cooperative banks, 850,000 societies, and more than 380 million Indian individuals. These financial institutions collectively hold approximately USD 2.4 trillion in deposits. However, many of them face challenges due to inadequate infrastructure and technology, hindering their ability to meet customer demands.
OneStack's mobile application has emerged as an innovative solution within the cooperative banking sector, successfully implementing its services in over 200 banks and societies. The integration of OneStack's services into existing banking systems is a smooth process that typically takes around two weeks, including testing. OneStack provides extensive technical support and training to ensure a seamless transition and sustained success.
OneStack's primary objective is to revolutionise Bharat's banking landscape by transforming every bank into a neo bank. This ambitious goal is pursued through the provision of core banking solutions (OneCBS), mobile banking applications, UPI/QR services, and Soundbox. By becoming the Technical Service Provider (TSP) for the cooperative sector, OneStack aims to facilitate digital transformation, enabling banks to engage and retain customers, expand their Current Accounts and Savings Accounts (CASA), and actively contribute to Bharat's financial inclusion objectives.
Ultimately, OneStack's innovative technology drives the digitisation of the cooperative sector, granting customers access to a comprehensive range of needs-based financial services, including savings, credit, insurance, and payments. This holistic approach plays a crucial role in achieving the financial inclusion goals of Bharat.
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