OneCard
OneCard (FPL Technologies) is an Indian mobile-first fintech issuing co-branded lifetime-free metal credit cards through partnerships with banks including IDFC First Bank and SBM Bank. The platform generates interchange-fee revenue and serves millions of Indian consumers via its mobile app.
- Company typePrivate
- Founded2019
- HeadquartersPune, India
- Headcount1–10
- GTM typeB2C
- OfferingServices
What OneCard does
OneCard is an India-based, mobile-first credit card fintech operating under FPL Technologies Private Limited, founded in 2019 and headquartered in Pune. The company issues a lifetime-free metal credit card through co-branded partnerships with multiple RBI-regulated banks — including IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank, Bank of Baroda, Indian Bank, BOBCARD and CSB Bank — and serves Indian consumers directly via the OneCard mobile app, where users can apply, complete digital KYC and activate a card in under five minutes. The product surface has expanded beyond the core credit card to include MyFamily shared-limit cards, an in-app EMI dashboard, UPI payments (operated as a TPAP through sponsor PSP Yes Bank), and Recharge and Bill Pay via BBPS.
The technology platform is full-stack and mobile-first, anchored by the OneCard app, which provides transaction-level controls (limits, domestic/international toggles, online/offline use, contactless), 5X rewards on the cardholder's top two spend categories with instant crediting and fractional point accumulation, and integration with bank gateways through Razorpay's ML-powered routing, which lifted transaction success rates above 84%. The company is ISO/IEC 27001:2022 certified, PCI DSS v4.0 compliant and registered as a Visa Service Provider (SP ID 896). Revenue is generated primarily through interchange fees on co-branded card transactions shared with partner banks, monetizing a lifetime-free customer proposition at scale.
OneCard raised approximately $128.5M in cumulative funding, including a $28.5M Series D in 2024 led by Peak XV Partners at a $1.4B post-money valuation, achieving unicorn status. FY25 revenue was reported at Rs 1,878 crore (~32% YoY growth) with losses reduced 26% to Rs 297.5 crore. The company entered FY26 facing a Reserve Bank of India directive (December 2025) instructing partner banks to suspend new co-branded card issuances over data-sharing concerns, introducing material regulatory risk to the core issuance-and-distribution model even as the underlying cardholder book continues to operate.
OneCard firmographics
Firmographics- Name
- OneCard
- Legal name
- FPL Technologies Private Limited
- Website
- https://getonecard.app
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- OneCard (FPL Technologies) is an Indian mobile-first fintech issuing co-branded lifetime-free metal credit cards through partnerships with banks including IDFC First Bank and SBM Bank. The platform generates interchange-fee revenue and serves millions of Indian consumers via its mobile app.
- Ownership category
- akta.pro rank
OneCard industry classification
Industry- Product category
- Consumer Credit Cards
- NAICS
- Credit Card Issuing (522210)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Card Issuing & Program Management Platforms (BPAMAFAH)
- akta.pro secondary industry
- Card Issuing Platforms (Issuer Processing) (FSAGABAD)
Keywords
Where OneCard is headquartered
LocationHeadquarters
- HQ city
- Pune
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
OneCard business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Operations, Marketing or Sales, Personnel, Infrastructure
Revenue model
- Interchange Fees: Revenue generated from interchange fees on credit card transactions processed through the co-branded cards. This is the primary revenue stream that enables the lifetime free business model.
- Co-branding Partnerships with Banks: Revenue sharing arrangements with partner banks (IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank, Bank of Baroda) where banks issue co-branded cards and share interchange economics with OneCard for providing the digital platform and customer acquisition.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | One Credit Card - Lifetime Free |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
OneCard product offering
Product offeringCore offering
OneCard offers a lifetime-free, metal co-branded credit card distributed through partnerships with multiple RBI-approved Indian banks (IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank, Indian Bank, BOBCARD, CSB Bank), paired with the OneCard Mobile App that enables fully digital onboarding, real-time card controls (transaction limits, domestic/international toggles, online/offline use), contactless payments, and a 5X rewards program with instant crediting. Adjacent in-app services include OneCard UPI payments (via TPAP authorization through Yes Bank and NPCI) and Recharge and Bill Pay through BBPS.
Product overview
OneCard is a mobile-first fintech platform that offers co-branded credit cards through partnerships with multiple Indian banks (IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank, Indian Bank, BOBCARD, and CSB Bank). The core product is the One Credit Card, a metal credit card with features including 5X rewards on top spend categories and instant point crediting. The product ecosystem is anchored by the OneCard Mobile App, which provides comprehensive card control functionality. Additional modules include MyFamily (shared credit limit with family cards), One Credit Card EMI (installment payments), OneCard UPI (payment service), and Recharge and Bill Pay (utility payments via BBPS). The platform generates revenue through interchange fees, interest income, and value-added services.
Differentiator
Problem solved
Functional benefit
Products and services
- One Credit Card A mobile-first, lifetime-free metal credit card co-branded with multiple RBI-approved Indian banks (IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank, Indian Bank, BOBCARD, CSB Bank), offering 5X rewards on top spend categories with instant crediting, no point expiration, and fractional points. Targeted at Indian individual consumers seeking premium feel without annual/joining/redemption fees.
- OneCard Mobile App The OneCard Mobile App is the consumer-facing platform used to apply for and manage the One Credit Card end-to-end: fully digital onboarding and KYC, transaction limit settings, domestic/international toggles, online/offline usage controls, contactless payments, rewards tracking and redemption, EMI dashboard, UPI payments, and recharge/bill pay. Targeted at Indian cardholders seeking a fully mobile credit management experience.
- OneCard UPI UPI payment service offered through the OneCard App, enabling users to link bank accounts and pay at merchant QR codes, transact online, and send money person-to-person. Operates as a TPAP authorized by NPCI via sponsor PSP Yes Bank.
- Recharge and Bill Pay Mobile recharge and utility bill payment service covering prepaid mobile, data cards, electricity bills, gas pipeline, LPG, DTH, insurance premiums, and other utilities, delivered via the OneCard App through BBPS infrastructure.
Quantifiable outcome
- Transaction success rate increased to over 84% through ML-powered routing
- +3 more outcomes
Companies that use OneCard
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
OneCard technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration11 records
AI capability2 records
Feature5 records
OneCard partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core.
- RazorpaycorePartnership with Razorpay to enhance credit card repayment solutions and address scalability challenges. The collaboration introduced ML-powered routing and multiple bank gateways, significantly increasing transaction success rates to over 84%. This supports OneCard's growth in UPI volumes and customer retention.
- IDFC First BankcoreCo-branded credit card partnership where IDFC First Bank issues the One Credit Card. OneCard provides the digital platform, mobile app, and customer experience while the bank handles card issuance and regulatory compliance.
- SBM BankcoreCo-branded credit card partnership where SBM Bank issues the One Credit Card with OneCard managing the digital experience and technology platform.
- South Indian BankcoreCo-branded credit card partnership where South Indian Bank issues the One Credit Card under the co-branding arrangement with OneCard.
- Federal BankcoreCo-branded credit card partnership where Federal Bank issues the One Credit Card. Federal Bank also offers fixed deposit accounts secured credit cards through the OneCard platform.
- Bank of BarodacoreCo-branded credit card partnership where Bank of Baroda issues the One Credit Card as part of the multi-bank distribution strategy.
- Yes Bank (PSP Bank for UPI)coreSponsor Payment Service Provider (PSP) Bank for OneCard UPI services. FPL participates in UPI through Yes Bank as its PSP partner, enabling UPI payment functionality in the OneCard app.
- NPCI (National Payments Corporation of India)coreRegulatory and infrastructure partner. NPCI owns and operates the UPI platform and prescribes rules, regulations, and guidelines for payment system participants including OneCard as a TPAP.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
OneCard competitors and assessment
Company assessmentOthers
- Razorpay: Razorpay is an Indian payment gateway and fintech infrastructure provider that partnered with OneCard for ML-powered transaction routing and multi-bank gateway infrastructure. As a core technology partner, Razorpay enables OneCard's payment processing capabilities.
Broad incumbents
- Visa Inc. Visa is a global card network on which OneCard's co-branded cards run (OneCard is a registered Visa Service Provider). Visa sets interchange economics and rules that materially shape OneCard's revenue model and competitive dynamics.
- HDFC Bank Credit Cards: HDFC Bank is India's largest private sector bank and a major credit card issuer with millions of cards in circulation. It competes with OneCard across the full consumer credit card spectrum as a broad incumbent with extensive branch and digital distribution.
- SBI Card: SBI Card is India's largest pure-play credit card issuer, a joint venture between State Bank of India and GE Capital. It represents the established incumbent that OneCard competes against in the Indian credit card market with broader distribution but less digital innovation.
Direct peers
- Niyo Solutions: Niyo is an Indian digital banking fintech offering salary accounts and co-branded debit/credit cards in partnership with Indian banks. It serves a similar mobile-first Indian consumer base with bank-partnered card products.
- CRED: CRED is a leading Indian fintech platform that rewards credit card bill payments and offers premium consumer credit card products (CRED Pay, CRED Mint). Like OneCard, it targets affluent Indian consumers, leverages interchange economics, and competes for the same digital-first credit card user.
- Jupiter: Jupiter is an Indian neobank offering digital banking, salary accounts, and consumer credit products. It targets salaried Indian professionals with a mobile-first experience, overlapping with OneCard's working professional customer segment.
- Slice (by North East Small Finance Bank): Slice is an Indian consumer fintech offering credit cards and pay-later products to young professionals. It targets a similar mobile-first consumer segment with co-branded credit cards, directly overlapping with OneCard's value proposition.
- Uni Cards: Uni Cards is an Indian fintech startup offering co-branded credit cards in partnership with banks like IDFC First Bank and SBM Bank. It directly competes with OneCard on the co-branded, mobile-first consumer credit card proposition in India.
Emerging players
- KreditBee: KreditBee is an Indian digital lending platform providing personal loans and credit products to consumers. It overlaps with OneCard in the broader Indian consumer credit fintech category but focuses on unsecured personal loans rather than credit cards.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
OneCard social profiles
Digital presenceOneCard compliance and trust
Trust signalCompliance3 records
OneCard financial estimates
Financial estimateRevenue estimate
Valuation estimate
OneCard leadership team
Management profileNumber of profiles
Profiles2 records
OneCard funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OneCard M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OneCard
What does OneCard do?
OneCard offers a lifetime-free, metal co-branded credit card distributed through partnerships with multiple RBI-approved Indian banks (IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank, Indian Bank, BOBCARD, CSB Bank), paired with the OneCard Mobile App that enables fully digital onboarding, real-time card controls (transaction limits, domestic/international toggles, online/offline use), contactless payments, and a 5X rewards program with instant crediting. Adjacent in-app services include OneCard UPI payments (via TPAP authorization through Yes Bank and NPCI) and Recharge and Bill Pay through BBPS.
Is OneCard a public or private company?
OneCard is a private company. It is classified as venture growth investor backed and is currently operating.
When was OneCard founded?
OneCard was founded in 2019. It employs 1 to 10 people.
Where is OneCard based?
OneCard is headquartered in Pune, India, in the Asia region.
How does OneCard make money?
Two revenue lines are on record. Interchange Fees are the primary driver. The others are co-branding Partnerships with Banks.
Who are OneCard's main competitors?
Razorpay is listed as an others. Broad incumbents are Visa Inc., HDFC Bank Credit Cards and SBI Card. Direct peers are Niyo Solutions, CRED, Jupiter, Slice (by North East Small Finance Bank) and Uni Cards. KreditBee is listed as an emerging player.
Does OneCard have an API?
No public API is recorded for OneCard.
What industry is OneCard in?
OneCard's product category is Consumer Credit Cards. Its primary akta.pro industry code is BPAMAFAH, Card Issuing & Program Management Platforms, with a secondary code of FSAGABAD, Card Issuing Platforms (Issuer Processing). Its NAICS code is 522210 and its SIC code is 6141.