FPL Technologies, the Indian startup that operates OneCard, is set to double its valuation to around $1.5 billion in a new funding round, just a month after disclosing its previous funding round, according to three sources familiar with the matter.
Singaporean Temasek, one of the world’s biggest investors, is at an advanced stage of talks to lead a new funding round for the Pune-based startup, the sources said, requesting anonymity as deliberation is ongoing. and private.
The size of the ride is over $100 million, two sources said.
OneCard declined to comment while Temasek said he does not comment on rumors and market speculation.
The new round follows a $75 million Series C funding that OneCard disclosed last month. The Series C round, led by QED, valued OneCard at around $750 million.
Founded by banking veterans, OneCard operates a first mobile credit card. Its cards come with no membership fees or annual fees and give customers more control and flexibility over how and where to transact. It also offers a range of personalized 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 main customer acquisition drivers for OneCard.
There are less than 30 million Indians who currently own a credit card even though nearly a billion bank accounts exist in the South Asian market.
Dozens of startups, including OneCard, Slice, which entered the unicorn club late last year, and Lightspeed Venture Partners and Elevation Capital-backed Uni, are trying to bring credit card functionality to more customers in India.
OneCard says it has amassed more than 250,000 OneCard customers who spend around $60 million with its cards each month.
Anurag Sinha, co-founder and chief executive of the startup, said last month that he estimated around 80 million to 90 million Indians were eligible to have a credit card.