Pune: Mobile-first credit card OneCard, owned by FPL Technologies, has raised $10 million in its extended Series B round. This is the second infusion in the Pune-based company in the past two months. With this, OneCard has mopped up $35 million in the Series B financing round.
OneCard has allotted preference shares to two new investors — QED Fund and Ocean View Investments — to raise the sum, regulatory filings show.
Alexandria-based QED, which primarily invests in early and growth-stage fintech companies, has led the tranche with $7.6 million and California-based Ocean View Investments has put in the remaining $2.4 million.
In February, OneCard had raised $25 million in its Series B round led by Sequoia Capital along with participation from Matrix and Hummingbird Ventures. It had also raised $10 million in its Series A round in August 2020.
Queries sent to Sequoia and FPL didn’t receive an immediate response. We will update the story in case they do.
Launched by Vaibhav Hathi, Anurag Sinha, and Rupesh Kumar, FPL’s flagship product OneCard offers first-time credit card users a virtual as well as a physical card to build a credit score. According to the company’s website, it also offers an EMI facility for purchases of Rs 3,000 and above at an interest rate of 1.33% with a repayment tenure of 3-24 months.