Lightspeed, Accel lead $18.5 mn seed round in fintech start-up Uni




In one of the largest seed rounds in the country, VC firms Lightspeed India and Accel Partners have led a funding round of $18.5 million in fintech start-up Uni, which is currently in stealth mode.


Founded by Nitin Gupta, former CEO of PayU India and Ola Financial Services, Uni aims to bridge the gap for credit cards and make them become more accessible for consumers across different regions.



“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,” said Gupta.


ALSO READ: India could become the fintech hub of the world



Joining him as co-founders are Prateek Jindal who built Olamoney postpaid and Laxmikant Vyas who has been a top executive 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,” said Prayank Swaroop, Partner, Accel India.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *