Onecard
“Can a mobile-first co-branded credit card platform become a full-stack licensed digital lender and payments super-app for India's first-time credit users?”
Founded2019
HQPune, Maharashtra, India
Total raised~$200M+
Latest roundDebt (NCDs), 2024
Valuation$1.4B post-money (2024)
IndustryFintech / Consumer banking
The story
Founded in 2019, FPL Technologies launched OneCard as a mobile-first co-branded credit card primarily targeting first-time credit card users in India, partnering with banks like IDFC First Bank and Federal Bank to issue cards. The company expanded into BNPL and EMI-at-POS via a Pine Labs partnership, and added UPI payments to become a broader digital financial services app. In 2023, OneCard applied for its own NBFC licence to reduce reliance on bank partners and move toward in-house credit underwriting, signalling a shift from pure fintech-as-a-distributor to a licensed lending entity.
Product timeline
2019
FPL Technologies founded and launched OneCard, a mobile-first co-branded credit card targeting first-time credit users in India.· card
2020
Expanded to 12 cities across India including Delhi NCR, Mumbai, and Bengaluru; reached 2M customers.· banking
2021
Raised $75M Series C at $722M valuation; entered BNPL space enabling EMI purchases.· lending
2022
Partnered with Pine Labs to enable EMI option at point-of-sale terminals.· lending
2023
Applied for NBFC licence from RBI to expand lending capabilities beyond bank partnerships.· lending
2024
Raised $28.5M round reaching $1.4B unicorn valuation; raised Rs 40 crore debt from Alteria Capital via NCDs.· banking
2024
Launched OneCard UPI service powered by NPCI, expanding payment rails beyond credit card.· banking
Regulated entities
NBFC (application pending as of 2023)
India (RBI) · 2023
FPL Technologies Private Limited
The stack
Payments / PSP
Banking / BaaS
Lending
Sponsor bank
Accounting gap: none