“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?”
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.
Onecard discloses IDFC First Bank (partner bank) and Federal Bank (partner bank) as its banking providers, with IDFC First Bank and Federal Bank as its sponsor banks, according to the Embedded Finance Index 2026.
Onecard does not disclose a bank charter of its own; its banking services are provided through IDFC First Bank and Federal Bank.
Onecard processes payments through NPCI UPI (self-operated via FPL Technologies). Disclosed money-movement rails: UPI.
The Embedded Finance Index 2026 maps 5 layers in Onecard's stack: Payments / PSP (NPCI UPI (self-operated via FPL Technologies)); Money movement (UPI); Banking / BaaS (IDFC First Bank (partner bank) and Federal Bank (partner bank)); Lending (EMI at POS via Pine Labs, BNPL installments on OneCard and Credit card revolving credit); Sponsor bank (IDFC First Bank and Federal Bank).
Onecard is founded in 2019 and headquartered in Pune, Maharashtra, India.
Onecard has raised ~$200M+ in total (latest round: Debt (NCDs), 2024; valuation: $1.4B post-money (2024)).
Get a read on where your own stack stands against Onecard and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.