India credit card player OneCard raises $100m

Sequoia Capital India, Matrix Partners, Hummingbird Ventures, QED Investors, Sarv Investments, and Ocean View Investment also participated. The investment reportedly values the company at USD 1.4bn, post-money.

It follows a USD 75m round led by QED in January with support from Sequoia, Matrix, Ocean View, Sarv, Hummingbird, and a US-incorporated vehicle called Invopps FT21 that contributed USD 25.5m. That round was said to value the company at USD 750m.

OneCard was founded by three financial technology professionals in 2019 positioning itself as a metal credit card for the mobile generation. The card is an internationally valid Visa Signature credit card, completely operable via app and with contactless payment capabilities. It has no joining and annual fees.

The free-to-use credit scoring app, OneScore, has 70m registered users, according to The Economic Times, and is considered a major driver of the credit card side of the business. The company claims it is the only app locally that helps consumers improve their credit score through an artificial intelligence-based score planner.

This is a competitive space in India, with recent investment activity including a USD 70m round led by General Catalyst for Uni, a specialist in buy now, pay later cards. This coincided with a USD 220m round led by Tiger Global Management and Insight Partners for Slice, which issues credit cards with limits as low as INR2,000 ($25).

Sequoia, Matrix, QED, and Tiger Global joined a USD 86m round in January for Jupiter, which brands itself as a digital bank offering a plastic debit card and accompanying app. Jupiter CEO Jitendra Gupta co-founded and sold Citrus Pay in 2016 to Naspers-owned PayU, which provides a similar credit card service called LazyPay.

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• Topics
• South Asia
• Financials
• Expansion
• India
• Sequoia Capital
• Matrix Partners
• Temasek Holdings
• Financial Services