Exclusive: OneCard becomes unicorn with over $100 Mn Series D round
Summary
Mobile-first credit card startup OneCard has entered the coveted unicorn club with over $100 million in Series D round from existing and new investors. It also enables an equated monthly instalment (EMI) facility for purchases of Rs 3,000 and above. The company also runs a credit score tracking and credit management app called OneScore and has claimed nearly 70 million users.OneCards Series D round has come at a time when the prospect of the buy now pay later (BNPL) platforms is uncertain due to the recent Reserve Bank of India (RBI) diktat that disallows prepaid payment instrument providers from offering non-bank credit lines. OneCard and its peers Slice, Uni and Fi are figuring out their next moves.During FY19 and FY20, OneCards parent FPL Technology did not record any revenue from operations but it managed to post Rs 10.78 crore topline in FY21. Its losses soared 4.3X to Rs 33.15 crore in the fiscal year ending March 2021, as per its annual financial statement filed with RoC.