Following a new round of funding, FPL Technologies, an Indian business that sells credit cards to clients under the name OneCard, which was valued at over $1.4 billion after an investment round, has achieved unicorn status. One of the largest investors in the world, Temasek, is said to have spearheaded the Series D investment, which totaled more than $100 million.
The financing increased OneCard’s valuation from $750 million in January 2022 to more than $1.4 billion and Participants in the latest round included some of OneCard’s current backers, including QED, Sequoia Capital India, and Hummingbird Ventures, bringing the company’s total funding to more than $225 million.
OneCard: Offers Several Rewards
OneCard uses a mobile-first credit card that enables free sign-up to give customers more control and flexibility. The company, which is a large part of what makes OneCard appealing, also offers an app called OneScore, according to the article, which aids users in understanding and learning their credit scores.
OneCard said earlier this year that it had amassed more than 250,000 members, who were using the cards to make monthly purchases of almost $60 million. Less than 30 million Indians currently own a credit card, which has created plenty of space for new businesses. The use of credit cards is growing among banks in India and elsewhere.
As of May 2 of this year, PYMNTS reported that Open, a provider of digital business banking, had become the 100th unicorn company in India. The Bangalore-based company used the capital it received at the time to expand its range of small business lending options and introduce new products.
According to the press release, the new offerings are Open Flo, an original revenue-based financing choice for online retailers, Open Settl, an early settlement credit offering, and Open Capital, a working capital loan choice for small and medium-sized firms. In the following 12 months, Open hopes to disburse USD 1 billion in lending through its expanded lineup of products.
One card is a free metal credit card that is ideal for those who are just learning about credit and wish to accrue points for their transactions. The absence of any application or yearly fees makes this credit card one of its best characteristics. Therefore, cardholders can use all the features without paying any fees. On each purchase, cardholders can accrue reward points. You can also receive extra reward points by introducing your relatives and friends. OneCard is appropriate for those who are new to credit because of its eased eligibility requirements.
Benefits of Using OneCard
Following are a few of the card’s key benefits:
- Lifetime Free Card: There is no yearly or application cost for this credit card.
- The top two spending categories in the rewards program receive five times as many reward points as normal. 50 rupees spent equals one reward point.
- Spending in more than two categories earns a user bonus points. Spending is divided into categories by Visa merchants.
- Points are awarded in fractions. For instance, you will only earn 0.5 Reward Points if you spend Rs. 25.
- Your rewards are perpetual.
- No cost will be applied to redeem awards.
Required Eligibility and Documentation
- To be eligible to apply for the One Card Credit Card, you must be at least 18 years old.
- This credit card is open to both salaried employees and independent contractors.
- You must be financially secure.
- A 750 or higher CIBIL Score is required.
- You will require legitimate identity proof.
- Legitimate address proof and income proof are also required.
Both online and offline.
Valid identity proof, address proof, and income proof (if any).
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As a thought leader in the tech industry, Rob Dakanski has written extensively on topics such as gamification, digital marketing, and customer loyalty. His articles and insights have been featured in publications such as Forbes, TechCrunch, and The Wall Street Journal.