OneCard, an Indian Fintech that aims to become the one card to rule them all in the country, has raised $76 million according to multiple reports. The funding was led by ubiquitous Fintech investor QED along with Sequoia. Founded in 2018, the company issued its first credit card in 2020.
According to Inc42, regulatory filings from FPL Technologies, OneCard’s parent, OneCard has approved “the allotment of 238 equity shares and 3,26,663 Series C preference shares to raise INR 565,05,75,317.28 or $76 Mn ($ = INR 74.35).”
Both QED and Sequoia are existing investors.
OneCard offers a lifetime, fee-free credit card that promises the lowest exchange rates in the market. The physical card is paired with apps to manage services including neo banking services.
In August of 2020, OneCard raised $10 million in Series A funding. At that time, Anurag Sinha, co-founder and CEO of FPL, said they are absolutely convinced about the potential for an Indian credit card due to the rapid adoption of digital payments and overall demand. The company reported 2 million customers at that time.