Buy now, pay later (BNPL) startup Uni has brought in a huge Series A round for $70 million, according to a Wednesday (Dec. 15) report from the Economic Times.
Uni’s products allow users to access purchases through its card and pay in three installments, and if a user can’t make that schedule, they have the option to access equated monthly installments (EMIs) or late fees.
Uni was founded by PayU India co-founder Nitin Gupta. Gupta is quoted in the piece as saying the new funds from the round will go toward rolling out more products and continuing to scale monthly disbursements through the cards.
“Uni card is our first product,” Gupta said. “There are four more products in the pipeline that will be launched in the next year. It will again be a combination of rewards, repayment period and so on. We are looking to launch a credit card too.”
The report goes on to say that Uni will be looking into ways to add users who are new to credit. Gupta said that the company was seeing rapid growth among users as it disbursed funds recently, and it plans to do even more in the future.
The round was led by General Catalyst, and saw participation from previous investors Lightspeed and Accel India and new investors Eight Roads Ventures, Elevation Capital and Arbor Ventures.
Alex Tran, managing director at General Catalyst, has said the opportunity to work in payments in India is ripe.
“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,” Tran said.
PYMNTS writes that PayU also recently debuted the PayU Token Hub, a platform to help businesses work with the Reserve Bank of India’s online card storage standards and also make their own tokens.
Read more: PayU Token Hub Will Help Card Networks and Banks With Tokenization
PayU worked with Wibmo, a full-stack global pay company, on the product.
Manas Mishra, chief product officer with PayU, said the goal was to garner better and easier compliance with the guidelines, which can help make transactions safer.
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