OneCard

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.

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

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

• Mobile-first credit card
• Co-branded credit cards
• Lifetime free credit card
• Metal credit card
• Fintech credit platform

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Marketing or Sales, Personnel, Infrastructure

Revenue model

1. 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.
2. 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

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core 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

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

AI capability2 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core.

• RazorpaycoreTechnology or Integration · 1 July 2024Partnership 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 BankcoreChannel Partner/ Reseller/ DistributorCo-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 BankcoreChannel Partner/ Reseller/ DistributorCo-branded credit card partnership where SBM Bank issues the One Credit Card with OneCard managing the digital experience and technology platform.
• South Indian BankcoreChannel Partner/ Reseller/ DistributorCo-branded credit card partnership where South Indian Bank issues the One Credit Card under the co-branding arrangement with OneCard.
• Federal BankcoreChannel Partner/ Reseller/ DistributorCo-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 BarodacoreChannel Partner/ Reseller/ DistributorCo-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)coreTechnology or IntegrationSponsor 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)coreTechnology or IntegrationRegulatory 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

Others

• 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

• Xx.com/GetOneCardIN
• YouTubeyoutube.com/channel/UC3fK4HJd0FAL3y_ZgvQDGPg
• Facebookfacebook.com/GetOneCardIN
• LinkedInlinkedin.com/company/onecard-app
• Instagraminstagram.com/getonecardIN

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OneCard