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
1
regulatory licence held by Onecard
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Onecard’s embedded-finance stack
Payments / PSP
NPCI UPI (self-operated via FPL Technologies)
Banking / BaaS
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: none
5 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.