Temasek leads $100m round of Indian fintech firm

According to Entrackr, OneCard, an Indian fintech startup, has raised $100 million in a Series D investment headed by Temasek Holdings of Singapore. A US$1.3 billion valuation places the startup in the unicorn club.

The round also included participation from Ocean View, QED Holdings, Sequoia Capital, and Matrix Partners. Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, three former ICICI Bank executives, launched OneCard’s parent company, FPL Technologies, in February 2019.

OneCard, a metal credit card designed with mobile in mind, will be introduced in June 2020 in collaboration with numerous domestic banks. OneScore, a platform for monitoring and managing credit scores, is run by its parent company and purportedly has close to 70 million members.

FPL Technologies raised US$75 million in a Series C investment round in January from a number of investors, including Janchor Partners, Sequoia Capital India, Matrix Partners, and Hummingbird Ventures. The company was valued at US$750 million in the round.