FPL Technologies raised Series D of $100M+ for its OneCard FinTech

FPL Technologies, an Indian startup that operates credit cards called OneCard, is the latest in the South Asian market to join the unicorn club following a new round of funding.

Singapore’s Temasek, one of the world’s largest investors, has led the Pune-headquartered startup’s Series D round, OneCard disclosed in a filing to the local regulator. The new round values OneCard at over $1.4 billion (post-money), up from about $750 million in January this year, a source familiar with the matter told journalist.

OneCard declined to comment Wednesday evening. journalist reported in February that Temasek was in talks to lead a round in OneCard at a valuation of about $1.5 billion. Indian news outlet Entrackr first reported about the filing.

Founded by banking veterans, OneCard operates a mobile-first credit card. Its cards come without any joining or annual fee and give customers more control and flexibility over how and where they transact. It also offers a range of personalised rewards and loans to customers.

The startup also operates an app called OneScore, which helps users understand and find their credit score. The app is one of the largest customer acquisition drivers for OneCard, it has said previously.

OneCard said earlier this year that it had amassed over 250,000 customers who were spending about $60 million with its cards each month.

Anurag Sinha, the startup’s co-founder and chief executive, said in January that he estimated that about 80 million to 90 million Indians were eligible to have a credit card.