Fintech SaaS Startup Uncia Bags $3 Mn To Expand To International Markets
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Fintech SaaS startup Uncia has raised $3 Mn (about ₹25 Cr) from Hyderabad-based VC firm Pavestone.
The startup intends to utilise the fresh capital to grow its business in India while expanding into global geographies like the Middle East and north Africa (MENA) and North America regions.
Founded in 2020 by Hari Padmanabhan, Uncia provides AI-powered back office solutions for lenders focusing on categories like SME, housing, and supply chain financing (SCF). It aims to streamline legacy systems that still make up the underlying tech for many banks and NBFCs in India through its lending technology solutions.
Its product portfolio includes — UnciaPrime (loan origination system), UnciaLeap (loan management system) and UnciaFlow (supply chain finance and digital lending).
The startup claims that its platforms process over ₹2 Lakh Cr AUM for clients like ICICI Home Finance, TVS Credit, Mahindra Finance, IDFC First Bank, among others.
This is the first external funding round for the startup.
“We made a deliberate choice to build before we raised… This funding is not a beginning but a gear shift. We have the product. We have validation at scale and diversity. Now we have the capital to take this to the world,” Padmanabha said.
The fresh capital infusion comes at a time when the fintech SaaS market is growing with a significant momentum. Enterprise SaaS focused on fintech is expected to cross a market size of approximately $20 Bn by 2030, especially as banks are investing heavily in transforming their legacy back-office operations and scaling digital business verticals.
The emergence of fintech and embedded finance players has also led to deeper customer engagement, further propelling lending demand and the need for servicing softwares.
Lenders are also experimenting with innovations like pre-approved loans, B2B BNPL and supply chain finance, all of which require complex back-end technology for evaluation, underwriting and disbursal.
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