Uni, a credit card company which is currently in stealth mode, has reportedly raised $18.5m in a funding round.
The company, which was created by PayU India founder Nitin Gupta, received the investment funds from Lightspeed India Partners and Accel, according to a report from Tech Circle.
Once it comes out of stealth, the company will be targeting the under-penetrated credit cards market in India by making them more accessible across India.
Gupta told Tech Circle, “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 5 years by building new products, catering to underserved customer needs and getting new customer segments.”
FinTech deal activity in India has nearly doubled since 2015, according to FinTech Global’s data. Between 2015 and 2019 a total of $18.6bn has been invested across 563 transactions, with investment growing at a CAGR of 19.1%.
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