Indian fintech OneCard tops $1.4 billion valuation in contemporary funding – TechCrunch

FPL Applied sciences, the Indian startup that operates OneCard, is the most recent to hitch the unicorn membership following a brand new spherical of funding.

Singapore’s Temasek, one of many world’s largest traders, has led the Pune-headquartered startup’s Collection D spherical, a submitting made to the native regulator confirmed. The brand new spherical values OneCard at over $1.4 billion, up from about $750 million in January this 12 months, a supply accustomed to the matter instructed TechCrunch.

OneCard declined to remark Wednesday night. TechCrunch reported in February that Temasek was in talks to guide a spherical in OneCard at $1.5 billion valuation.

Based by banking veterans, OneCard operates a mobile-first bank card. Its playing cards come with none becoming a member of or annual charge and provides prospects extra management and adaptability over how and the place they transact. It additionally gives a spread of customized rewards and loans to prospects.

The startup additionally operates an app referred to as OneScore, which helps customers perceive and discover their credit score rating. The app is likely one of the largest buyer acquisition drivers for OneCard.

OneCard says it has amassed over 250,000 OneCard prospects who’re spending about $60 million with its playing cards every month.

Anurag Sinha, the startup’s co-founder and chief govt, stated in January that he estimates that about 80 million to 90 million Indians are eligible to have a bank card.

It is a growing story. Extra to comply with…

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