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Hey there, savvy readers! Ever wondered about the fantastic world of credit cards?
Well, let me spill the beans on the success story of OneCard, the cool startup that’s changing the game.
Imagine a credit card that’s not just a piece of plastic but a smart, metal wonder.
Buckle up as we take you on a ride through the incredible journey of OneCard!
The Birth of OneCard
Picture this – it’s 2019 and three financial whiz-kids, Rupesh Kumar, Anurag Sinha, and Vibhav Hathi, come together to create OneCard. These guys have a ton of experience in the banking world and decide to shake things up.
They launched OneCard, a revolutionary credit card designed for the mobile generation. What makes it stand out? Well, it’s not just a card; it’s a metal powerhouse loaded with tech.
But What’s So Special About OneCard?
Launched in 2019 by FPL Technologies, OneCard is not just a credit card; it’s a game-changer. This metal marvel, equipped with the latest technology, is redefining credit cards in India. Operating in 12 major cities like Mumbai, Bengaluru, and Delhi, OneCard quickly earned its unicorn status, collaborating with banks such as IDFC First Bank, SBM Bank, and more, amassing over 600,000 users by 2022.
Security is OneCard’s forte, priding itself on robust data protection and regulatory compliance. Users have unparalleled control, managing everything from domestic to international use, transaction limits, and contactless payments. Onboarding is a breeze with a five-minute digital activation, sans hidden fees. EMI transactions sweeten the deal, offering rewards.
Here’s the kicker – OneCard isn’t just for you; it’s for your family too. The card can be shared, allowing users to control and monitor family spending. Available on Android and iOS, OneCard ensures a seamless, flexible, and rewarding credit experience. To top it off, FPL Technologies runs ‘OneScore,’ boasting 70 million users, empowering users to track their credit scores effortlessly.
OneCard – Industry Details
India has emerged as a frontrunner in the Fintech race. Recent reports suggest that the Indian FinTech industry is on a trajectory to reach a staggering valuation of $180 billion, according to Deloitte. This growth is reflective of the broader surge in the global Fintech sector, with revenues estimated at around $90.5 billion. The statistics underscore the immense potential and dynamism within the industry, positioning India as one of the fastest-growing markets globally.
The Visionaries Behind OneCard
Founded in 2019, OneCard is the brainchild of three seasoned banking professionals – Rupesh Kumar, Anurag Sinha, and Vibhav Hathi. Each brings a wealth of experience to the table, contributing significantly to the success story of OneCard. Rupesh Kumar, with a background in Analytical Finance from the Indian School of Business and a stint at ICICI Bank spanning 18 years, played a pivotal role in pioneering mobile banking and digital payment services.
Anurag Sinha, an alumnus of IIT Varanasi and IIM Bangalore, embarked on an entrepreneurial journey with the creation of Walnut App in 2016. His innovative approach to personal finance eventually led to the acquisition of Walnut App by Capital Float. Vibhav Hathi, with 14 years at ICICI Bank, founded Open Canvas before co-founding OneCard. Their collective vision has propelled OneCard into the unicorn club, redefining credit card experiences.
| Aspects | Details |
| Founded | 2019 |
| Founders | Rupesh Kumar, Anurag Sinha, Vibhav Hathi |
| Rupesh Kumar | Master’s in Analytical Finance from ISB, 18 years at ICICI Bank |
| Anurag Sinha | IIT Varanasi, IIM Bangalore, Entrepreneur, Walnut App Founder |
| Vibhav Hathi | 14 years at ICICI Bank, Open Canvas Founder |
| Achievement | Entered the Unicorn Club |
| Vision | Redefining credit card experiences |
OneCard’s Mission: Crafting India’s Best Metal Credit Card
OneCard, with a mission to be “India’s Best Metal Credit Card,” is more than just a financial tool. Launched with a unique metal design and a robust technological backbone, it stands as India’s premier mobile credit card. The company’s commitment to transparency, security, and customer-centric innovations has positioned it as a transformative force in the financial sector.
With a user-friendly approach and strategic collaborations with major banks, OneCard is not just adapting to the future of finance; it is actively shaping it.
OneCard’s Revolutionary Business Model
OneCard, since its inception in 2019, has disrupted the credit card landscape with its innovative mobile-based application model. Operating primarily in the Business-to-Consumer (B2C) sector, the company collaborates with leading banks like IDFC First Bank, Federal Bank, and SBM Bank. Its mission is clear: to provide a virtual, mobile-based credit card tailored for first-time users, focusing on enhancing their credit scores and overall financial experience.
OneCard’s core business revolves around empowering individuals who are new to the world of credit cards. The company issues virtual credit cards that users can access via their smartphones. This strategic move not only aligns with the mobile-centric lifestyle of the modern generation but also serves as a tool for users to build and improve their credit scores.
Additionally, OneCard offers an Equated Monthly Installment (EMI) service for transactions exceeding Rs 3,000, featuring competitive interest rates and flexible repayment options spanning 3 to 24 months.
The mobile application’s technological stack is designed to offer transparency, providing users with insights into their transactions, credit card bill due dates, and incentives. OneCard goes beyond the conventional credit card experience by implementing a loyalty program.
This program rewards customers with valuable points for every transaction, which can be redeemed for future purchases. The emphasis on user-friendly features and personalized benefits distinguishes OneCard in the competitive fintech landscape.
OneCard’s Financial Performance and Growth
As of the fiscal year 2021, OneCard achieved a significant milestone with an annual revenue surpassing Rs 10 crore. However, this impressive growth came with increased costs, rising by a factor of 4.3X to reach Rs 33.15 crore.
The financial dynamics highlight the dynamic nature of OneCard’s operations, reinforcing the importance of prudent financial management in sustaining its growth trajectory.
| Fiscal Year | 2021 |
| Revenue | Surpassed Rs 10 crore |
| Growth | Impressive, 4.3X increase |
| Costs | Rs 33.15 crore |
| Dynamics | Highlights dynamic operations |
| Management | Emphasizes prudent financial management |
Shareholding and Investment Landscape of OneCard
OneCard’s success is further underscored by its robust shareholding structure and substantial investments. Sequoia Capital holds the largest stake at 23.37%, followed by Matrix Partners at 17.9%. Co-founders Anurag Sinha, Rupesh Kumar, and Vibhav Hathi collectively command around 30% of the company.
The company has received significant funding, with a total investment of $231.6 million over six rounds. The most recent Series D round in July 2022 raised $107 million, attesting to the confidence of investors like QED Investors and Sarv Investments in OneCard’s growth and potential.
| Shareholder | Shareholding (%) |
| Sequoia Capital | 23.37 |
| Matrix Partners | 17.9 |
| Anurag Sinha | 16.57 |
| QED Holdings | 8.67 |
| Rupesh Kumar | 8.1 |
| Vibhav Hathi | 5.4 |
| Hummingbird Ventures | 5.1 |
| Temasek | 3.8 |
| Ocean View Investments | 3.67 |
| INVOPPS FT21 | 3.3 |
| Others | 2 |
OneCard’s UPI Challenge
OneCard, despite its remarkable success, encounters a significant challenge in the form of competition with the Unified Payments Interface (UPI). The rapid rise of UPIs, developed by retail banks, has garnered widespread popularity. While UPI adoption has impacted debit card usage, credit cards have shown resilience.
However, the recent directive from the central bank, limiting co-branding partners’ roles for credit cards, poses a potential threat to multiple credit card startups. The integration of credit cards with UPI, though fostering increased credit card usage, presents a challenge due to the unclear Merchant Discount Rate (MDR) for such transactions.
Ad Campaigns – #BeTeamMetal
In April 2022, OneCard embarked on a captivating advertising journey with the #BeTeamMetal campaign. The campaign, featuring two disti
native ads, showcases OneCard’s mobile credit card as an all-in-one solution for users. The card seamlessly manages bill payments, transactions, spending limits, and offers rewards. One noteworthy video from the campaign depicts a girl confidently passing through a metal detector, triggering a noise due to OneCard’s metal construction, emphasizing the card’s authenticity. The campaign resonated widely, accumulating an impressive 14 million views.
Competitive Landscape of OneCard
In the fiercely competitive landscape of credit card startups, OneCard faces formidable rivals. Notable competitors include CRED, Slice, Uni, Olly Credit, Stori, Stashfin, KrazyBee and Quiklo. Each competitor brings its unique offerings and features to the table, contributing to the dynamic evolution of the fintech industry.
OneCard’s ability to distinguish itself amid such competition underscores its innovative approach and commitment to providing a superior credit card experience.
Looking Ahead – The Path to Sustained Success
As OneCard navigates challenges and competes with industry peers, its commitment to innovation, transparency, and customer-centric solutions remains evident. The dynamic landscape of the fintech industry demands adaptability and forward-thinking strategies and OneCard seems well-poised to embrace these challenges.
With a successful ad campaign, robust shareholding structure, and strategic partnerships with banks, OneCard continues its journey to redefine credit solutions for the mobile generation. The evolving financial ecosystem will undoubtedly witness OneCard’s continued growth and influence in the years to come.
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FAQs
1. What sets OneCard apart from traditional credit cards?
OneCard distinguishes itself through its innovative approach, offering a metal-designed credit card with a comprehensive technological infrastructure. This mobile-first credit card provides users with advanced features such as transaction control, personalized credit limits, and contactless payment options, setting new standards for transparency and clarity in the industry.
2. How does OneCard ensure data security for its users?
OneCard prioritizes the security of user data with stringent measures and advanced technological implementations. The company adheres strictly to regulatory standards to safeguard user information. The commitment to data security is fundamental, reflecting OneCard’s dedication to providing a secure and reliable credit card experience.
3. What is the unique feature of OneCard that sets it apart in the market?
OneCard offers a distinctive feature that allows users to share their credit cards with family members. Each family member receives their own OneCard, with the primary user retaining control over spending limits and management. This unique family feature enhances flexibility and convenience for users in managing their credit card usage.
4. How does OneCard simplify the onboarding process for new users?
OneCard ensures a seamless onboarding experience for users, characterized by minimal inconvenience. The credit card activation process is entirely digital and typically completed within five minutes. The company is committed to transparency, with no hidden costs or annual fees, providing users with flexibility in their transactions.
5. What is OneCard’s approach to financial literacy and how does it empower users in tracking their credit scores?
OneCard operates the ‘OneScore’ app, designed to empower users to track their credit scores. With a user base of approximately 70 million, OneScore reflects the company’s commitment to enhancing financial literacy. By providing valuable tools and resources, OneCard contributes to a better-informed community of users in managing their financial health.