The company was previously valued at $722M in December 2021. Here are the top-line bullets you need to know.
OneCard, a credit card provider, has raised $100M in a Series D. The round drew participation from Temasek, QED Investors, and Sequoia Capital India, among others.
How’s the company performing?
- India-based OneCard offers a mobile-first credit card as well as loans and rewards.
- The company also operates OneScore — an app that helps nearly 70M users learn more about their credit score.
- Earlier this year, the company reportedly had over 250K customers.
- OneCard’s total income came in at $2.1M in FY’21.
Why does the market matter?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.
- Covid-19 has also accelerated the adoption of digital lending services across sectors.
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