OneCard Raises Around $76M In Funding Led By QED Fund
FPL Technologies, a Pune-based fintech firm that disburses OneCard branded credit cards, raised around $76 million (Rs 565 crore) from Delaware-based QED Fund and Singapore-based Ocean View Investment.
The funding round also saw participation from existing investors, including Sequoia Capital India, Matrix Partners India and Hummingbird Ventures.
QED Fund invested close to $26.8 million (Rs 199.5 crore), Sequoia Capital India and Ocean View Investment invested about $1.8 million (Rs 13.5 crore), and $8 million (Rs 60.2 crore), respectively
OneCard | Re-imagining Credit And Payments
Founded by Rupesh Kumar, Anurag Sinha, and Vibhav Hathi in 2019, FPL Technologies is a fintech firm reimagining credit and payments and operating in digital and physical credit cards, called OneCard, and a credit score-checking product called OneScore.
FPL Technologies operates in the credit card disbursing space, where startups like Slice and Uni Cards operate in. The firm’s OneCard currently offers services in 12 cities across India, including Delhi, NCR, Mumbai and Bengaluru.
The funding has come at the time when fintech startups operating in the credit cards segment enabling buy now pay later (BNPL) targetting millennials are growing fast. Additionally, due to the increased online shopping accelerated by pandemic-led lockdowns and other factors, the space is growing quickly.
India is among the fastest-growing FinTech markets in the world, with around 4,930 Fintech startups (as per data from Tracxn).
Last week, Mumbai-based fintech startup Tyke raised $1.5 million in pre-seed funding from 9Unicorns, Ratio Ventures, Better Capital, and Venture Catalysts. Another startup, Uni, providing an enhanced credit experience for India and offering pay-later solutions through its cards, Uni Cards, raised $70 million in one of the largest series A funding rounds, led by General Catalyst.
Banking on the growth of fintech space, early-stage fund 8i Ventures has raised $50 million for its Fund II that aims to invest in startups operating in the fintech space.
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