OneCard enters unicorn club, raises over $102 million, led by Temasek Holdings

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OneCard’s parent FPL Technologies closed its Series D funding round of over $102 million led by Singapore-based Temasek Holdings (via MacRitchie Investments). The mobile-first credit card brand is now valued at over $1.4 billion.

Temasek invested around Rs 375 crore ($48 million as per dollar rates on July 13). Matrix Partners, QED Investors, Hummingbird Ventures, Sequoia Capital, and Sarv Investments also participated in this round, as per regulatory filings assessed by Moneycontrol.

OneCard declined to comment on Moneycontrol’s queries.

Post this round, the promoters will continue to hold a 29.99 percent stake in the start-up.

OneCard allotted 268,891 shares worth Rs 29,833.62 per share.

The company had last raised $75 million in a Series C round in January this year at a post-money valuation of $750 million. The round was led by QED Investors.

FPL Technologies was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in 2019. While OneCard’s competitors in this space would be brands like Slice, Uni, Indiabulls Dhani, and PayU’s LazyPay, the company had maintained that it doesn’t offer Buy Now Pay Later solutions. It offers co-branded credit cards with banks and issues them only to customers with credit history and a good score, which it tracks through its other product OneScore, a credit score tracking and management app.

OneCard has already partnered with Federal Bank, IDFC Bank, Bank of Baroda’s BOB Financial Solutions, South Indian Bank, and State Bank of Mauritius.

QED Investors invested around $19.7 million, Ocean View Investment invested $19.23 million, Sarv Investments put in around $14.42 million, Matrix Partners invested $240,279, Sequoia Capital invested over $961,500, and Hummingbird Ventures invested $240,279 respectively.