Fintech startup OneCode raised $13 million in Series A funding led by General Catalyst. The latest round saw the participation of existing investors such as Sequoia Capital India’s Surge, Nexus Venture Partners, and Waterbridge Ventures. In addition, the angels also participated in this cycle.
The startup will use the fresh capital funds for all operations and accelerate product and technology development. Starting over the next three years, it plans to expand its presence in an additional 100 cities and increase the size of its agents’ network by 500%.
In July 2021, it raised $ 5 million funding led by Sequoia Capital India’s Surge accelerator and Nexus Venture Partners.
Founded in 2019 by Manis Shara and Yash Desai, OneCode seeks to bridge the gap between financial products and its potential customers in Tier 2, 3, 4 cities in India. OneCode claims to have major banking institutions such as IDFC First, SBI, Bank of Baroda and new fintech brands including Navi, Groww, Jupiter as its customers.
OneCode claims to have seen 40x growth in the agent domain and made more than INR 100 Cr in agents since its inception. In addition, it claims to ride more than 1Mn user registered on the platform.
The launch focused on the individual recommendation to allow inexperienced tech users and business owners to trade online for products and services including loans, credit cards, savings accounts, and more.
Manish Shara, CEO and founder of OneCode, said, “the lack of trust is a major problem in the adoption of fintech in India. People do not trust traditional dating channels like websites and apps. This is exactly what we are solving.”
“Our trusted network distribution network provides much-needed assurance to customers as people rely heavily on their networks for recommendations, especially when it comes to essential financial services, ”added Shara.