Uni, a Fintech startup, has now secured $18.5 million led by the Accel India and Lightspeed India Partners, in one of the largest seed funding.
The business model of the Uni, is a new age credit card for the digital generation. The purpose of the fundraise is to build a team and once the product is launched, it will be used for the marketing and working capital.
Nitin Gupta, Founder and CEO, Uni said, “Over the last five years, we have witnessed a 3X 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.”