November 30, 2022

FOZDE.COM

THE NEWS INSIDE

Credit score line fintech OneCard turns into India’s newest unicorn put up $100 Mn sequence D spherical

Pune-based fintech OneCard has turn out to be the lastest to grace the lineup of Indian Unicorn startups, because the agency’s newest sequence D spherical closed at $100 Mn, pushing its valuation previous the $1 Bn mark.

The spherical noticed OneCard convey onboard a brand new investor within the type of Singaporean sovereign fund Temasek, who emerged as leaders of the spherical at $48 Mn, adopted by current backers like Sequoia Capital, Ocean View Funding, QED Holdings, Matrix Companions, Hummingbird amongst others.

Based by Vaibhav Hathi, Anurag Sinha and Rupesh Kumar, FPL applied sciences’ product Onecard has turn out to be the second bank card startup to enter the unicorn circle after Slice. Onecard supplied customers bank cards in collaboration with banks like Federal Financial institution, IDFC Financial institution, Financial institution of Baroda’s BOB Monetary Options, South Indian Financial institution, and State Financial institution of Mauritius. FPL Applied sciences additionally provides OneScore, a platform to digitally monitor credit score scores and associated insights. In contrast to Slice, OneCard’s goal demographic for his or her metallic playing cards are premium prospects with credible credit score scores. The corporate has issued about 2.5 lakh bank cards throughout 12 Indian cities up to now.

Whereas the Reserve Financial institution of India has been cracking down closely on non-banking startups providing credit score traces by way of PPI devices like stored-value Playing cards, OneCard has remained out of the RBI’s radar, largely because of their partnering with a number of established, excessive class banks like IDFC First and Financial institution of Baroda.

See also  Instagram is testing a brand new full-screen feed

With this spherical, the corporate has been valued at $1.4 Bn, a considerable enhance from its earlier valuation of $750 Mn, on the finish of its sequence C spherical in January, which the corporate closed at $75 Mn. Whereas the corporate did log a sizeable enhance in income for FY21 at INR 16.3 Cr, it additionally noticed a jaw-dropping 423% enhance in its bills, totalling as much as INR 49.5 Cr.