The Gurugram-based digital solutions provider Onestack has raised $2 million in equity funding in a pre-series A round from several venture funds such as early-stage investors GrowX, venture-debt fund Stride Ventures, accelerator vc 9Unicorns, and Venture Catalyst. Found in 2019, Onestack provides digital solutions such as online banking, mobile banking, payment options, investment banking as well as insurance solutions to cooperative banks and credit societies. The company plans to digitise over 1,000 banks and societies this year, with 200 banks and societies already using its technology platform.

The fintech intends to utilise the funds to expand its team, foster innovation within the company and set up new offices across the country. “We are thrilled to have the support of our investors as we embark on this exciting phase of growth….This infusion of funds does more than merely enable us to augment our product suite and broaden our footprint across India; it propels our growth journey at an accelerated pace,” said Amit Kapoor, Founder and CEO, OneStack.

Regarding future plans, Onestack will introduce a new cloud-based platform, OneCBS, for cooperative banks that will integrate mobile applications, enabling them to enhance their customer experience and data-based decisions making. Another product, SoundBox, a merchant solution enabling cooperatives to offer digital payment services to their merchants is also in development.

“OneStack is the vanguard in the cooperative banking sector, smashing through the digital divide and equipping banks and societies to fulfil the needs of today’s digital-native customers,” stated Manu Rikhye, Partner at GrowX.