OneCard combines a digital-first credit card with an app-based experience designed for India's digitally native consumers.
From banking and fintech experience to a $1.4 billion-plus unicorn, explore the story behind OneCard and its founders’ app-first approach to credit.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Quick Facts
| Founders | Anurag Sinha, Rupesh Kumar, Vibhav Hathi |
| Education | Anurag Sinha – IIT (BHU) Varanasi; MBA, IIM Bangalore |
| Prior Ventures | Anurag Sinha – Founder, Walnut App (acquired by Capital Float, 2018); Rupesh Kumar & Vibhav Hathi – Former ICICI Bank veterans |
| Role | Co-Founder and CEO, OneCard (FPL Technologies) |
| Founded | 2019 |
| Sector | FinTech / Digital Credit Cards |
Introduction
Long before OneCard became a household name in Indian fintech, its founders were already deep inside the banking system, learning exactly what it needed to fix. Anurag Sinha, Rupesh Kumar, and Vibhav Hathi had spent years building digital banking and payments products, and in 2019, they channelled that experience into a single idea: a credit card designed entirely around the smartphone rather than the wallet. (StartupTalky) Since then, OneCard has grown into one of India’s most recognisable fintech unicorns, known for its numberless metal card and app-first approach to credit.
The OneCard Story
Before OneCard, Anurag Sinha had already built and exited Walnut, a personal finance app that tracked spending and payments without requiring users to share bank passwords; the company was eventually acquired by Capital Float. (werisebyliftingothers) Meanwhile, Rupesh Kumar spent nearly two decades at ICICI Bank, where he helped build and scale mobile banking products such as iMobile and UPI. (StartupTalky)
Bringing this experience together, the trio founded OneCard in 2019 to solve a problem they understood well: India’s credit card experience felt outdated, paper-heavy, and disconnected from how young, digitally native users actually managed money. As a result, OneCard launched with a fully digital application process, a minimalist metal card, and an app built to handle everything from statements to instant card freezes. (OrangeOwl)
The approach worked. Rather than leaning on heavy advertising, OneCard grew primarily through organic, word-of-mouth adoption, eventually crossing 1.5 million users while expanding beyond India’s major metros into Tier 2 cities. (OrangeOwl)
Business Model
OneCard operates through co-branded partnerships with regulated banks, since it does not hold its own banking licence. Its core revenue streams include:
| Revenue Stream | How It Works |
|---|---|
| Interchange fees | Earned on card transactions processed through partner banks |
| Interest and EMI income | Charged on revolving credit and EMI conversions |
| Co-branded partnerships | Cards issued jointly with IDFC First Bank, Federal Bank, and SBM Bank |
| OneScore cross-sell | Credit-score app used to acquire and convert new cardholders |
(Sourced from Entrackr)
Funding History
| Round | Year | Amount | Key Investors |
|---|---|---|---|
| Seed | 2019 | $4.5 million | Matrix Partners India, Sequoia Capital India |
| Series C | Jan 2022 | $75 million | QED Investors |
| Series D | Jul 2022 | $100+ million | Temasek, QED, Sequoia, Matrix Partners, Hummingbird Ventures |
| Series D (extension) | Nov 2024 | $25.5–28.5 million | QED Investors, Peak XV Partners, Better Tomorrow Ventures, Z47 |
(Sourced from TechCrunch and Entrackr)
Overall, OneCard has raised more than $270 million to date, reaching unicorn status in 2022 at a valuation exceeding $1.4 billion. (TechCrunch)
Revenue and Growth
| Metric | FY24 | FY25 |
|---|---|---|
| Operating Revenue | ₹1,425.5 crore | ₹1,878 crore (up 32%) |
| Net Loss | ₹401 crore | ₹297.5 crore (down 26%) |
(Sourced from Entrackr)
Notably, OneCard’s unit economics have also improved; it now spends ₹1.17 to earn every ₹1 of revenue, down from ₹1.31 the previous year. (Entrackr)
OneCard vs Competitors
OneCard competes with other digital-first credit players such as Slice, Kiwi, Uni Cards, and American Express in India’s crowded credit card space. (Tracxn) Unlike several rivals that launched their own prepaid instruments, OneCard’s co-branded model with regulated banks has helped it stay largely insulated from the RBI’s crackdown on non-bank prepaid credit lines.
Key Takeaways
- Anurag Sinha, Rupesh Kumar, and Vibhav Hathi founded OneCard in 2019 after years of experience in banking and fintech.
- OneCard has raised over $270 million and became a unicorn in 2022 at a $1.4 billion-plus valuation.
- FY25 revenue grew 32% to ₹1,878 crore, while losses fell 26% year-on-year.
- The company operates through co-branded partnerships with IDFC First Bank, Federal Bank, and SBM Bank.
- OneScore, its credit-score app, remains a key driver of new user acquisition.
FAQs
Who founded OneCard?
Anurag Sinha, Rupesh Kumar, and Vibhav Hathi founded OneCard in 2019.
Does OneCard have its own banking licence?
No, it issues co-branded credit cards through partner banks such as IDFC First Bank and Federal Bank.
How much funding has OneCard raised?
Over $270 million to date, reaching a valuation above $1.4 billion.
Who are OneCard’s competitors?
Slice, Kiwi, Uni Cards, and American Express in India’s digital credit card space.
© The Founder Nation | Written by TFN Research Desk
