FPL Technologies, the Indian startup that operates OneCard, is the latest to join the unicorn club following a new round of funding.
Singapore’s Temasek, one of the world’s largest investors, has led the Pune-headquartered startup’s Series D round, a filing made to the local regulator showed. The new round values OneCard at over $1.4 billion, up from about $750 million in January this year, a source familiar with the matter told TC.
OneCard declined to comment Wednesday evening. TC reported in February that Temasek was in talks to lead a round in OneCard at $1.5 billion valuation.
Founded by banking veterans, OneCard operates a mobile-first credit card. Its cards come without any joining or annual fee and give customers more control and flexibility over how and where they transact. It also offers a range of personalized rewards and loans to customers.
The startup also operates an app called OneScore, which helps users understand and find their credit score. The app is one of the largest customer acquisition drivers for OneCard.
OneCard says it has amassed over 250,000 OneCard customers who are spending about $60 million with its cards each month.
Anurag Sinha, the startup’s co-founder and chief executive, said in January that he estimates that about 80 million to 90 million Indians are eligible to have a credit card.
This is a developing story. More to follow…
