FPL Technologies becomes India’s newest FinTech unicorn

FPL Technologies, which offers a metal credit card under the OneCard brand, has reportedly become India’s newest unicorn.

The company reached a $1.4bn valuation after the close of its Series D round on $100m, according to a report from TechCrunch. This valuation is nearly double its previous, which was at $750m in January.

Contributions came from QED, Sequoia Capital India and Hummingbird Ventures, both of which are existing backers of FPL Technologies.

OneCard offers a metal credit card and an accompanying mobile app. Its card boasts five-times rewards on spending and offers flexible payment options for transactions.

It also boasts family tools, which let the users give cards to family members and monitor their spending.

The company has raised a total of $225m in funding, to date.

India has many FinTech unicorns. Last month, credit card company Slice increased its valuation, which now sits between $1.5bn and $1.8bn.

Earlier in the year, neobank Open became the 100th unicorn in India, after it closed a Series D.

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