omnicard®

OmniCard is a fintech company specializing in business spend management solutions, offering a comprehensive platform that includes a SaaS solution, mobile application, and UPI-enabled corporate cards. Licensed by the Reserve Bank of India (RBI) for Prepaid Payment Instruments (PPI), OmniCard serves a diverse clientele, including prominent names like CarDekho, Policy Bazaar, Kama Ayurveda, and Senco Gold, as well as government entities such as SIDBI and NABARD.

In July 2024, OmniCard secured $3 million in a Pre-Series A funding round led by Ankurit Capital, with participation from Taisys and VLS Finance Group’s family office. The company plans to leverage this capital to scale operations and aims to serve over 10,000 enterprises by FY 2027, delivering significant cost savings through its innovative solutions.

OmniCard's strategic focus includes enhancing its product offerings and expanding its client base. The company has introduced UPI services without the need to link a bank account, allowing users to pay to any UPI QR code or UPI ID using their OmniCard wallet balance. This development, in association with the National Payments Corporation of India (NPCI), amplifies safety by limiting the risk to the amount a user adds to their OmniCard wallet rather than exposing life savings stored in bank accounts.

In October 2023, OmniCard partnered with the Open Network for Digital Commerce (ONDC) to issue exclusive ONDC Corporate Gift Cards, becoming the first fintech company to offer this innovative solution. This collaboration aims to create more accessible, efficient, and secure digital commerce experiences, benefiting both businesses and consumers.

The leadership team at OmniCard includes Abhishek Saxena, who serves as the Managing Director and Co-Founder. Under his leadership, the company has achieved significant milestones, including securing substantial funding and forming strategic partnerships.

In the competitive landscape, OmniCard faces competition from companies like Happay, EnKash, and Karbon, which also offer business spend management solutions. The increasing demand for efficient expense management solutions among businesses has intensified investor interest in this sector, driving growth opportunities for innovative fintech solutions.

OmniCard's strategic collaborations, such as the partnership with ONDC, strengthen its market position and innovation capacity. By offering exclusive corporate gift cards usable across various ONDC Buyer Apps, OmniCard enhances its value proposition to corporate clients.

Operationally, OmniCard's distinct competitive advantages include its RBI license for PPI, enabling it to offer a range of prepaid financial products, and its focus on integrating UPI services without the need for bank account linkage, enhancing user convenience and security.

Looking ahead, OmniCard aims to expand its enterprise client base, targeting over 10,000 enterprises by FY 2027. The company plans to leverage market trends to drive the next wave of payment solutions, focusing on delivering immediate, measurable cost savings to its clients.

For more information, visit OmniCard's official website.