Fintech startup OneCard becomes latest unicorn after raising $100M in funding

Pune-based OneCard, a fintech startup offering Visa credit cards in partnership with banks, has reportedly attained unicorn status after raising $100 million in a Series D round at a post-money valuation of over $1.4 billion.

Singapore-based sovereign fund Temasek Holdings led the round with participation from other investors such as Sequoia Capital, Ocean View Investment, QED Holdings, Matrix Partners, and Hummingbird, among others.

The development comes at a time when uncertainty around buy-now-pay-later (BNPL) platforms post the Reserve Bank of India (RBI) sent a notice that disallows prepaid payment instrument providers from offering non-bank credit lines.  

According to its regulatory filings, The fintech startup allotted ten equity shares and 2,68,891 Series D cumulative, non-redeemable mandatorily, and fully convertible preference shares to the investors.

Founded in 2018 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, OneCard partners with banks to offer Visa credit cards to its users. The startup has partnered with IDFC Bank, South Indian Bank, Federal Bank, Bank of Baroda Financial, and State Bank of Mauritius.

It has also developed a platform called ‘OneScore’ – a no-spam, digital credit score platform offering free credit score checks. Previously, OneCard had raised $75 million at a post-money valuation of $750 million as part of its series C funding round, led by its existing investor – QED Investors.

In December 2021, Slice became a unicorn after it raised $220 million at a valuation of more than $1 billion. OneCard competes with Slice, Karbon Card, Uni Card, Kodo Card, among others.

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