[Funding Alert] OneCard raises about $76M led by QED Fund

QED Fund invested close to $26.8 million, Ocean View Investments pumped in $8 million, while Sequoia Capital India and Matrix Partners India co-invested.
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FPL Technologies, which disburses OneCard branded credit cards, raised close to $76 million (Rs 565 crore) from Delaware-based QED Fund, and Singapore-based Ocean View Investment.

Existing investors including Sequoia Capital India, Matrix Partners India and Hummingbird Ventures also participated in the round, according to regulatory filing sourced from Registrar of Companies.

While QED Fund invested close to $26.8 million (Rs 199.5 crore), Sequoia Capital India and Ocean View Investment poured in about $1.8 million (Rs 13.5 crore) and $8 million (Rs 60.2 crore), respectively.

YourStory reached out to FPL Technologies for comments on the latest fundraise, but the company declined responding to any queries.

Founded in 2019 by Rupesh Kumar, Anurag Sinha, and Vibhav Hathi, who have spent over a decade at ICICI Bank -- FPL Technologies is a fintech firm operating in the digital and physical credit cards, called OneCard, and credit score-checking product called OneScore.

So far, the company has raised $14.5 million, according to data available on Crunchbase, from Matrix Partners India, Sequoia Capital India and Hummingbird Ventures.

The funding comes at a time when fintech startups offering credit cards enabling buy now pay later (BNPL) targetting millennials are taking off. The trend has kicked in due accelerated online shopping induced by pandemic-led lockdowns, among other factors.

FPL Technologies' OneCard currently offers services in 12 cities across India including Mumbai, Bengaluru, Delhi, and NCR.

It operates in the credit card disbursing space where recent unicorn Slice, which is backed by Tiger Global Management, and Uni Cards, backed by General Catalyst, operate in.

Edited by Rajiv Bhuva

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