Fintech startup Uni raises $70M in Series A round led by General Catalysts

Bengaluru-based Uni, a fintech startup that offers credit solutions through its cards, has raised $70 million or Rs 534 crore in a Series A funding round at a valuation of $350 million.

The Series A round was led by General Catalyst, Eight Roads Ventures, Elevation Capital, and Arbor Ventures. Existing investors Lightspeed Venture Partners and Accel also participated.

In October 2020, Uni had raised $18.5 million in its Seed round from Lightspeed India and Accel. So far, the fintech startup has raised $88.5 million in its funding rounds.

Founded in 2020 by Nitin Gupta, Prateek Jindal, and Laxmikant Vyas, Uni offers credit line solutions to its users through its Visa-powered cards. With this round of funding, Uni will focus on launching more products and scaling credit disbursements through its cards.

Additionally, the fintech startup will focus on hiring talent. Currently, it has a team of 100 people and is aiming to double it by next year.

Within the six months of launch, Uni claims its 1/3rd card is disbursing around Rs 175 crore per month and is aiming to hit Rs 1,500 crore by next year, cashing in on the growing consumer appetite for credit and also the way users view the product.

Currently, The fintech firm is present in 50 cities and is aiming to add more users by expanding its services to 50 more cities in the next quarter.

Speaking on the investment, Alex Tran, Managing Director at General Catalyst, said: “There are few countries in the world where the opportunity for credit expansion is as massive as in India, and we believe some iconic companies will be built to capture this opportunity in the next decade. We are excited to back a team (Uni) that is world-class on credit, risk, and payments while also being hyper-focused on product and customer delight.”

The startup launched its beta version in June 2021 and has been growing at 50% month-over-month (M-o-M) since then, it said.

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