Connect with us

Hi, what are you looking for?

Tech & Innovation

Temasek to Invest In India’s OneCard At A Valuation Of $1.5 Billion

OneCard cards are free to enrol and have no annual fees, giving clients more power and freedom when it comes to the way they transact.

Temasek To Invest In India's OneCard At A Valuation Of $1.5 Billion

According to three individuals familiar with the subject, FPL Technologies, the Indian firm that operates OneCard, is expected to double its valuation to around $1.5 billion in a fresh financing round, only a month after disclosing its last funding.

According to sources who sought anonymity because the debate is continuing and confidential, Singapore’s Temasek, one of the world’s biggest investors, is in talks to lead a fresh fundraising round of the Pune-based business soon. According to two sources, the round is worth more than $100 million.

Temasek stated it will not comment on market speculations and rumours, while OneCard declined to comment. The latest financing comes on the heels of a $75 million Series C funding round announced by OneCard last month. QED led the Series C financing, which valued OneCard at $750 million.

OneCard is a mobile-first credit card company founded by banking veterans. Its cards are free to enrol and have no annual fees, giving clients more power and freedom when it comes to the way they transact. It also provides consumers with a variety of customised incentives and loans.

The company also maintains the OneScore app, which assists consumers in understanding and locating their credit score. OneCard’s app is one of the most important sources of new customers. Despite the fact that almost a billion bank accounts have been set up in the South Asian market, less than 30 million Indians now hold a credit card.

Scores of firms are aiming to introduce credit card functionality to more people in India, including OneCard, Slice, which joined the unicorn club towards the end of last year, and Elevation Capital-backed Uni and Lightspeed Venture Partners. According to OneCard, it has over 250,000 clients who spend around $60 million every month using their cards.

The startup’s co-founder and CEO, Anurag Sinha, estimates that 80-90 million Indians are qualified for a credit card

Click to comment

Leave a Reply

Your email address will not be published.