Mobile-first credit card startup OneCard (FPL Technologies) reported strong financial performance in FY25, with operating revenue rising 32% year-on-year to ₹1,878 crore, up from ₹1,425.5 crore in FY24, as the company moves closer to its profitability goals. Total revenue crossed ₹1,900 crore during the fiscal year ended March 31, 2025, reflecting sustained adoption of its digital credit offerings.

Founded in 2019, OneCard provides co-branded credit cards primarily for first-time users through partnerships with IDFC First Bank, Federal Bank, and SBM Bank. The company also operates OneScore, a credit score tracking and credit management platform, with these products contributing entirely to its revenue base.

While OneCard continued to report losses, its financial discipline showed clear improvement. Net loss declined 26% to ₹297.5 crore in FY25 from ₹401 crore in FY24, as revenue growth outpaced expense expansion. Total expenses increased 18% to ₹2,206 crore, with a notable 40% reduction in advertising and promotional spending. Employee benefit costs and IT expenses rose in line with scale, while finance costs increased due to higher borrowing.

Unit economics strengthened during the year, with OneCard spending ₹1.17 to earn ₹1 of revenue, compared to ₹1.31 in FY24. The company ended FY25 with ₹321 crore in cash and bank balances and continues to explore debt funding to support growth, even as it navigates increased regulatory scrutiny around co-branded credit cards.