In one of many largest seed rounds within the nation, VC companies Lightspeed India and Accel Companions have led a funding spherical of $18.5 million in fintech start-up Uni, which is at the moment in stealth mode.
Based by Nitin Gupta, former CEO of PayU India and Ola Monetary Providers, Uni goals to bridge the hole for bank cards and make them develop into extra accessible for customers throughout totally different areas.
“Over the last five years, we have witnessed a three times acceleration of digital and electronic payment platforms, however, the share of credit card payments has fallen drastically. There is an opportunity to expand the market from 58 million credit cards in India today to 200 million credit cards over the next five years by building new products, catering to underserved customer needs and getting new customer segments,” mentioned Gupta.
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Becoming a member of him as co-founders are Prateek Jindal who constructed Olamoney postpaid and Laxmikant Vyas who has been a high government at Bajaj Finance.
“Credit cards are a very large and exciting market. It has over $100 billion in annual spends and still less than 2.5 per cent of the Indian population has a credit card today. The opportunity in front of us is truly immense,” mentioned Prayank Swaroop, Associate, Accel India.
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