Mobile-first credit card brand is valued over US$1.4 billion
Singapore-based Temasek Holdings’ MacRitchie Investments has invested US$48 million in Pune-based OneCard’s parent FPL Technologies which has closed its Series D funding round of over US$102 million.
Matrix Partners, QED Investors, Hummingbird Ventures, Sequoia Capital and Sarv Investments also participated in the round, following which the value of mobile-first credit card brand rose over US$1.4 billion.
Post this round, promoters will continue to hold about a 29.99% stake in the start-up which had last raised US$75 million in a Series C round in January this year at a post-money valuation of US$750 million.
The January round was led by QED Investors.
While OneCard’s competitors in this space would be brands like Slice, Uni, Indiabulls Dhani and PayU’s LazyPay, OneCard offers co-branded credit cards with banks and issues them only to customers with credit history and a good score, which it tracks through its other product OneScore, a credit score tracking and management app.
OneCard network includes partnerships with Federal Bank, IDFC Bank, Bank of Baroda’s BOB Financial Solutions, South Indian Bank and State Bank of Mauritius.
FPL Technologies was founded by Anurag Sinha, Rupesh Kumar and Vibhav Hathi in 2019. fiinews.com
