OnMeta

Founded by:

Bharath T

Krishna Teja

Year started:

Sector:

Payments

Region:

Africa

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Founder Spotlight

The founders of Onmeta, Bharath and Krishna, were friends from undergraduate days and eventually worked together for many years. Each went their own ways for their career, but overlapped at Rapido. Both the founders understood the biggest pain point of crypto onboarding and, given the Indian government’s historical stance on crypto, have an appreciation of the regulatory side. They believe that onboarding the next 100 million users to Web3 can’t be realized without meeting the customer where they’re at – requiring a fiat-based localized solution.   

Remember how daunting it was to open your first brokerage account or buy your first computer game? Imagine the hurdle for a first timer in Web3 decentralized applications (Dapps) and games. Despite Decentralized Finance (DeFi) Summer kicking off two years ago, many crypto users have yet to even try participating in that ecosystem. Even fewer have attempted to actively explore the Metaverse or participate in Web3 games, due to the friction of onboarding. Bharath and Krishna wanted to solve that problem, both for users – be it gamers, DeFi power users or the crypto curious – and also for companies that wanted to ease the onboarding experience. They want to make tokens as accessible and easy to buy as any other mainstream asset. Meet Onmeta.

More about

OnMeta

Onmeta is India’s reliable fiat on- and off-ramp solution. This way Dapps and games can, with a few lines of code, onboard users easily. They can also increase wallet share, lower barriers to access to tokens through meeting the end-user where they’re at, and offering fiat-based solutions. Users may not be ready to buy on an exchange, transfer to a custodial wallet, swap tokens on a DEX, bridge those tokens to the correct blockchain, and use it in games. Onmeta bypasses all those steps so the user can simply play a Web3 game or put their money to work in a Dapp. 

Why we invested

Unlike developed markets, where digital finance solutions and neobanks are present to facilitate easy onboarding, India’s current crypto offerings haven’t been able to reach the masses for wider adoption. Onmeta provides localized payment solutions and a localized Know-Your-Client (KYC) onboarding experience. 

Addressing these pain points, Onmeta is a PayPal for crypto. They provide powerful and easy APIs, customisable widgets so there’s a seamless bridge between fiat and crypto. This facilitates users to use Dapps easily without needing to get off the platform so that users complete their intended transaction. They’re solving for the limited crypto adoption around the world – with only three million native crypto users. 

Onmeta contributes to achieving the users’ financial goals. The app is live in India and partners with banks to offer this solution in a regulatory-compliant manner.

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