OneCard Set To Raise $100 Million Funding At Over $1.2 Billion Valuation
OneCard, a mobile-first credit card startup, is raising $100 million in a new financing round from new and existing backers.
As reported by Entrackr, citing sources, the startup is set to become the 104th unicorn of India, 19th in the ongoing calendar year 2022.
This would be the second funding round raised by the startup in the past six months. OneCard, run by FPL Technologies, raised a $76 million Series C round from Delaware-based QED Fund and Singapore-based Ocean View Investment.
OneCard | A Credit Card Re-imagined For The Mobile Generation
Started by Anurag Sinha, Rupesh Kumar, 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.
Speaking of the development, one of the sources, requesting anonymity, said,
“Temasek and Singaporean sovereign fund GIC, along with other existing investors, are investing $100 million at a post-money valuation of $1.2 billion.”
As per a source, discussions have been going on for the past several months, but GIC and Temasek gave a term sheet last month only.
OneCard operates in the credit card disbursing space, where startups like Slice and Uni Cards operate. As per the company, the app has nearly 70 million users. It offers credit cards in collaboration with banks, including Federal Bank, SBM Bank, South Indian Bank, IDFC First Bank, and Bank of Baroda Financial. OneCard has more than 600,000 users across the country.
Credit Card Space
In the fintech space, startups offering mobile-first credit cards enabling buy now pay later (BNPL) are getting a lot of traction. This trend is growing due to accelerated online shopping induced by pandemic-led lockdowns and several other factors.
Also, the number of transactions per credit card and cardholders is rising. As per a report by ResearchAndMarkets, the total value of credit card transactions is expected to reach INR 51.72 Trn by FY 2027, expanding at a CAGR of 39.22% during the FY 2022 – FY 2027.
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1 comment on "OneCard Set To Raise $100 Million Funding At Over $1.2 Billion Valuation"
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