OneCard to raise USD 100 mln

Monday 4 July 2022 15:01 CET | News

India-based credit card startup OneCard has planned to raise USD 100 mln in a new financing round at over USD 1.2 bln valuation.

This would be the second funding round since December 2021. The company, run by FPL Technologies, raised a USD 76 million Series C round led by QED Fund and was valued at USD 722 million. Entrackr had exclusively reported this round in December 2021.

OneCard’s Series D round is coming at a time when the future of the Buy Now, Pay Later (BNPL) platforms is shaky in the wake of a Reserve Bank of India (RBI) diktat that bars prepaid payment instrument providers from offering non-bank credit lines. The company along with its competition Slice, Uni, Fi, and others are busy figuring out their next moves, according to the press release.

OneCard offers first-time credit card users a virtual, cellphone-based card to build a credit score. It also enables an equated monthly instalment (EMI) facility for purchases of USD 38 and above at an interest rate of 1.33% with a repayment tenure of 3-24 months.

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Keywords: BNPL, lending, funding, instalment payments, EMI licence
Categories: Payments & Commerce
Companies: OneCard
Countries: India
This article is part of category

Payments & Commerce


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