OneCard raises $76M led by QED Fund

FPL Technologies, which distributes OneCard branded credit cards, has raised $76 million (Rs 565 crore) in funding from Delaware-based QED Fund and Singapore-based Ocean View Investment.

FPL Technologies is a fintech startup that operates in the digital and physical credit cards, named OneCard, and credit score-checking product, called OneScore. It was founded in 2019 by Rupesh Kumar, Anurag Sinha, and Vibhav Hathi, who spent over a decade at ICICI Bank.

The funding comes at a time when fintech businesses targeting millennials with credit cards that allow them to buy now, pay later (BNPL) are gaining traction. The tendency began as a result of increased online buying prompted by pandemic-related lockdowns, among other things.

FPL Technologies’ OneCard is currently available in 12 cities across India, including Mumbai, Bengaluru, Delhi, and the National Capital Region (NCR).