OneCard, the digital credit card platform run by Pune-based FPL Technologies, is raising ₹72 crore in an extension of its ongoing Series D funding round. The fresh investment comes even as the company continues to face RBI restrictions that have stopped the issuance of new OneCard credit cards. Despite these challenges, investors are still backing the fintech company.
FPL Technologies was founded in February 2019 by Anurag Sinha, Vibhav Hathi, and Rupesh Kumar. Before launching the OneCard credit card in June 2020, the company introduced the OneScore app, which helps users check and track their credit score. Today, OneCard works with partner banks to offer a digital credit card experience. Its platform lets users track transactions instantly, manage spending, convert purchases into EMIs, and control their cards through the mobile app.
Existing Investors Lead the New Funding Round
OneCard is raising ₹72 crore (around $7.6 million) as part of its ongoing Series D round. Peak XV Partners is leading the investment with ₹30 crore, while Z47 is investing ₹9.5 crore. Hummingbird Ventures and a group of angel investors are also taking part in the round.
This is the latest step in the company’s fundraising journey. In September 2019, FPL Technologies raised $4.5 million from Matrix Partners and Sequoia. By August 2020, its total funding had reached nearly $15 million.
The company became a unicorn in 2022 with a valuation of $1.4 billion. In 2023, it planned to raise $100 million at the same valuation, but the funding round did not go ahead.
Later, in 2024, OneCard raised around $25.5 million to $28.5 million from investors including QED Investors, Better Tomorrow Ventures, Peak XV Partners, and Z47. However, the company was valued at around $1.1 billion, lower than its earlier valuation.
In December 2025, OneCard also raised ₹40 crore in debt funding from Alteria Capital through non-convertible debentures (NCDs).
Revenue Continues to Grow
Even with regulatory challenges, OneCard reported strong financial results in FY25.
For the financial year ended March 31, 2025, the company’s operating revenue grew by 32% to ₹1,878 crore, while its total revenue crossed ₹1,900 crore. During the same period, the company also reduced its losses by 26%.
OneCard continues to offer features such as instant transaction alerts, spending insights, EMI conversion, and app-based card management. These services have helped the company keep its existing customers engaged despite restrictions on new card issuance.
The latest funding also shows that investors continue to believe in the company’s long-term growth.
RBI Restrictions Still Affect New Credit Cards
OneCard has been facing regulatory challenges for the past two years.
In August 2023, the Reserve Bank of India (RBI) did not approve FPL Technologies’ plan to acquire an existing Non-Banking Financial Company (NBFC) licence. Around the same time, the regulator became more cautious about allowing fintech companies to expand into lending.
In March 2024, the RBI updated its credit and debit card rules. The new guidelines said that banks must keep full control of customer card data and cannot share transaction information with third-party partners without the customer’s permission.
After these changes, Federal Bank and South Indian Bank stopped accepting new applications for their OneCard co-branded credit cards to follow the updated rules.
The situation became more serious in December 2025 when the RBI asked all of OneCard’s partner banks, including BOB Cards, SBM India, Federal Bank, CSB Bank, South Indian Bank, and Indian Bank, to stop issuing new OneCard credit cards. The regulator raised concerns about customer onboarding, data sharing, outsourcing practices, and operational controls.
The RBI has now ordered an independent audit of the co-branded card system. OneCard CEO Anurag Sinha has said the company is working closely with its partner banks and the regulator to address these issues.
Industry experts believe that once the company fully meets the RBI’s requirements, especially around keeping customer data encrypted, partner banks may be allowed to start issuing OneCard credit cards again.
For now, existing OneCard users can continue using their cards without any problems. However, new applications remain on hold, and services such as credit limit increases are still unavailable. With fresh funding and steady business growth, OneCard is now focused on meeting regulatory requirements and preparing for future expansion.