OneCard Raises $100 Million at $1.2 Billion Valuation

OneCard is a mobile-first credit card start-up that is run by FPL Technologies. OneCard provides its clients, first-time credit users, a cellphone-based, virtual card to build a credit score. Besides, it enables an equated monthly installment (EMI) facility for purchases of Rs 3000 and more at an interest rate of 1.33% with a repayment tenure from 3 to 24 months.

Among the Series D funding, round investors are Temasek and GIC, as well as other new and existing bakers. As soon as the round is accomplished, OneCard enters the unicorn club to become the 104th Indian unicorn and the 19th unicorn to appear this year.

OneCard, Pune, India, was founded by Vibhav Hathi, Rupesh Kumar, and Anurag Sinha in 2018. As of now, OneCard has more than 600 000 users across the country, providing them with the service in collaboration with IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank, and Bank of Baroda Financial. Cards provided come without any fee, neither joining, nor annual, and give customers more flexibility and control over their transactions. Moreover, OneCard offers personalized loans and rewards to its clients. FPL Technologies, which is running OneCard, also runs OneScore, a credit score tracking, and management app. It has approximately 70 million users.

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