Provider OneCard Raises At A $722M Valuation — It Joins The Competitive Indian Credit Card Space, Co

OneCard plans to use the funds to expand its platform. Here are the top-line bullets you need to know.

WHERE IS THIS DATA COMING FROM?

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OneCard, a mobile-first credit card company, has raised $75M in a Series C round that drew participation from QED Investors, Sarv Investments, and Sequoia Capital India, among others.

HOW’S THE COMPANY PERFORMING?

1. India-based OneCard offers a mobile-first credit card for consumers in India.

2. The company enables users to pay for purchases via equated monthly installments (EMIs).

3. OneCard reaches 12 cities across India, including Delhi, NCR, Mumbai, and Bengaluru.

4. As of August 2020, the company had 2M customers.

Source: OneCard

WHY DOES THE MARKET MATTER?

1. 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.

2. 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.

3. While the US, the UK, and Australia dominate the BNPL market, other geographies are starting to gain market share. For example, BNPL companies are rising up in India in order to provide the country’s large millennial population with alternatives to existing, outdated credit services.