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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