Credit score line fintech OneCard will get to be India’s newest unicorn put up $100 Mn assortment D spherical

Credit score line fintech OneCard will get to be India’s newest unicorn put up $100 Mn assortment D spherical

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

The spherical seen OneCard carry onboard a brand new investor within the form of Singaporean sovereign fund Temasek, who emerged as leaders of the spherical at $48 Mn, adopted by present backers like Sequoia Money, Ocean View Funding, QED Holdings, Matrix Companions, Hummingbird amid many others.

Began by Vaibhav Hathi, Anurag Sinha and Rupesh Kumar, FPL applied sciences’ product Onecard has develop to be the 2nd bank card startup to enter the unicorn circle instantly after Slice. Onecard provided individuals credit score rating playing cards in collaboration with banks like Federal Financial institution, IDFC Lender, Financial institution of Baroda’s BOB Financial Options, South Indian Monetary establishment, and Situation Lender of Mauritius. FPL Programs additionally presents OneScore, a platform to digitally observe credit score historical past scores and linked insights. Versus Slice, OneCard’s deal with demographic for his or her metallic playing cards are fine quality customers with credible credit score rating scores. The company has issued about 2.5 lakh bank cards throughout 12 Indian metropolitan areas so considerably.

When the Reserve Financial institution of India has been cracking down intently on non-banking startups providing credit score historical past strains by means of PPI gadgets like saved-price Taking part in playing cards, OneCard has remained out of the RBI’s radar, principally as a result of their partnering with many arrange, important group banking corporations like IDFC To start out with and Monetary establishment of Baroda.

See also  RBI wishes to ban cryptocurrencies, need to have for world-wide collab on regulation, states India’s finance minister

With this spherical, the enterprise has been valued at $1.4 Bn, a considerable enhance from its previous valuation of $750 Mn, on the shut of its sequence C spherical in January, which the company shut at $75 Mn. When the corporate did log a sizeable elevate in income for FY21 at INR 16.3 Cr, it additionally noticed a jaw-dropping 423% maximize in its expenditures, totalling as much as INR 49.5 Cr.