OneCard pushes more credit cards in India and tops a one billion valuation
In a fresh funding, an Indian startup offers credit cards to customers
Following a new round of funding, FPL Technologies, an Indian business that provides credit cards to customers under the brand name OneCard, is the newest member of the unicorn club in the South Asian market.
OneCard said in a file to the local regulator that Singapore’s Temasek, one of the largest investors in the world, led the firm with its Pune headquarters’s Series D financing of over $100 million. OneCard is valued at over $1.4 billion (post money) in the latest round, up from over $750 million in January this year.
Participants in the latest round included some of OneCard’s current backers, including QED, Sequoia Capital India, and Hummingbird Ventures, bringing the company’s total funding to more than $225 million.
Temasek was in discussions to lead a financing of over $100 million in OneCard at a valuation of roughly $1.5 billion.
Today, fewer than 30 million Indians have credit cards, which has left a sizable gap for entrepreneurs in the nation to innovate on technology and expand their client base. Banks throughout the nation and abroad are stepping up their efforts to increase the number of credit card holders on their own books, but their strict and antiquated qualifying requirements render the majority of Indians ineligible.
