OneCard Secures $25.5 Million Funding

FPL Technologies, the company which runs mobile-first credit card startup OneCard, has raised about $25.5 million in a new funding round. The funding round was led by QED Investors, with participation from Peak XV Partners and Z47 (formerly Matrix Partners India).

Better Tomorrow Ventures also participated in this funding round. 

Funding Utilisation

With this funding, OneCard plans to improve its technology and work closely with banks and other regulated entities to develop new products.

Anurag Sinha, cofounder, FPL Technologies said, “With this funding, we are focused on scaling our offerings and deepening our partnerships as we work towards reshaping how credit is delivered and experienced and creating a deeper impact in the financial ecosystem by driving greater inclusion and accessibility,”.

Sandeep Patil, head of Asia for QED Investors said, “We have been an existing investor with FPL for the past four years and have been consistently impressed by their exceptional execution across technology development, product innovation and service delivery,” 

Patil also said that even though financial services companies are advancing quickly with technology, the industry is still underdeveloped and there is plenty of room for innovation.

About-FCL Technologies

Pune based FPL Technologies was founded in 2019 by former senior ICICI Bank executives Anurag Sinha, Vibhav Hathi, and Rupesh Kumar.
OneCard offers co-branded credit cards mainly to first-time users in partnership with banks like IDFC First Bank, Federal Bank, and SBM Bank. It also has an app called OneScore for tracking and managing credit scores.

The startup offers co-branded credit card programs with banks like South Indian Bank, CSB, Federal Bank, and BOB Card, which is supported by Bank of Baroda. OneCard targets premium Indian consumers with its metal cards, offering superior features and better deals.

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