India’s Mobile-First FinTech OneCard Nets $100M on $1.4B Valuation

FPL Technologies, which offers credit cards under the name OneCard, has become a unicorn after a funding round that valued the company at over $1 billion.

Temasek, one of the world’s biggest investors, has led the Series D round for over $100 million, according to a report in Yahoo Finance on Wednesday (July 13).

The round valued OneCard at more than $1.4 billion, up from $750 million in January 2022.

OneCard uses a mobile-first credit card, allowing for jumping on board without any fees to give customers more control and flexibility, and there are rewards available.

In addition, the report said the company has an app called OneScore, which helps users understand and learn their credit scores, which is a big part of the appeal of OneCard.

OneCard earlier in the year said it’s amassed more than 250,000 customers, who’d been spending around $60 million with the cards every month.

There are less than 30 million Indians that have a credit card, which has opened a lot of room for startups. Indian banks and others are expanding their credit card bases. But the eligibility criteria are hard to meet.

See also: Digital Banking Platform Open Becomes India’s 100th Unicorn After Series D

PYMNTS wrote that Open, a digital business banking company, had become the 100th Indian company to be a unicorn as of May 2 this year.

The company is based in Bangalore, and the funding it got at the time would help it boost its various small business lending offerings with new products.

“The new products include Open Flo — an innovative revenue-based financing product for eCommerce businesses, Open Settl — early settlement credit offering, and Open Capital – working capital lending offering for SMEs,” the release said. “Open is targeting to disburse USD 1 billion in lending through the new suite of products on the platform in the next 12 months.”