Uncia, a fintech SaaS startup, has successfully raised $3 million (approximately ₹25 crore) from the Hyderabad-based venture capital firm Pavestone.
The funding will be used to bolster its operations in India and facilitate expansion into international markets, particularly in the Middle East and North Africa (MENA) and North America.
Founded in 2020 by Hari Padmanabhan, Uncia specializes in providing back-office solutions for lenders, with a focus on sectors such as SME, housing, and supply chain financing (SCF). The startup aims to modernize outdated systems that many banks and non-banking financial companies (NBFCs) in India still rely on.
Uncia's product offerings include:
- UnciaPrime: A loan origination system
- UnciaLeap: A loan management system
- UnciaFlow: Solutions for supply chain finance and digital lending
The company claims that its platforms manage over ₹2 lakh crore in assets under management (AUM) for notable clients such as ICICI Home Finance, TVS Credit, Mahindra Finance, and IDFC First Bank.
This marks Uncia's first round of external funding. Padmanabhan stated, “We made a deliberate choice to build before we raised. This funding is not a beginning but a gear shift. We have the product, validation at scale, and now the capital to take this to the world.”
The infusion of capital comes at a time when the fintech SaaS sector is experiencing significant growth. The enterprise SaaS market focused on fintech is projected to reach around $20 billion by 2030, driven by banks' investments in upgrading their legacy systems and expanding digital operations.
Additionally, the rise of fintech and embedded finance solutions has enhanced customer engagement, increasing the demand for lending services and related software. Lenders are also exploring innovative offerings like pre-approved loans and B2B BNPL, which necessitate sophisticated back-end technology for processing and disbursal.
