FPL Technologies, which owns OneCard credit cards brand, has secured around $76 million (Rs 565 crore). The funding seems to be timely as credit card business oriented fintech startups, which provides buy now pay later (BNPL) services for the youth are on the upward trend.
The business of OneCard has seen positive trend as online shopping induced by pandemic-led lockdowns, has risen considerably in the last 2 years.
Founded in 2019 by Rupesh Kumar, Anurag Sinha, and Vibhav Hathi, Ex-executives at ICICI Bank — FPL Technologies is a fintech firm operating in the digital and physical credit cards, called OneCard, and credit score-checking product called OneScore.
So far, the company has raised $14.5 million, according to data available on Crunchbase, from Matrix Partners India, Sequoia Capital India and Hummingbird Ventures.
OneCard use on an upswing
Existing investors including Sequoia Capital India, Matrix Partners India and Hummingbird Ventures also participated in the round, according to regulatory filing sourced from Registrar of Companies.
While QED Fund invested close to $26.8 million (Rs 199.5 crore), Sequoia Capital India and Ocean View Investment poured in about $1.8 million (Rs 13.5 crore) and $8 million (Rs 60.2 crore), respectively.
FPL Technologies’ OneCard currently offers services in 12 cities across India including Mumbai, Bengaluru, Delhi, and NCR.
It operates in the credit card disbursing space where recent unicorn Slice, which is backed by Tiger Global Management, and Uni Cards, backed by General Catalyst, operate in.
The funding was raised from Delaware-based QED Fund, and Singapore-based Ocean View Investment.
