Fintech startup Uni has raised $18.5 Mn by Lightspeed India Partners and Accel India.The business model of Uni is new-age credit cards for the digital generation. The purpose of the fund raise is to build a team and once the product is launched, it will be used for marketing and working capital.
The startup claims that there are just 34 Mn credit card users having 58 Mn credit cards whereas there are more than 100 Mn Indians today who pay digitally and electronically. Focused on filling this gap, Uni will aim to target the ecommerce and internet-savvy generation in India who are looking at leading aspirational lifestyles.
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.”