18 July 2023
Fintech unicorn OneCard and another fintech startup WintWealth have reportedly applied for non-banking finance company (NBFC) licence. The startups are looking at joining the growing list of NBFCs such as Jupiter that have received lending licences lately, ET reported.
In addition, stock trading platform Upstox is also planning to foray into the credit segment. However, it is looking at partnerships with other NBFCs to start with and eventually go on its own. OneCard, founded in 2018 by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi, issues co-branded credit cards in partnership with the likes of South Indian Bank, Federal Bank, BoB Financial, and SMB Bank. It launched its first mobile metal card in 2020.
With the NBFC licence, it would be easy for OneCard to expand its portfolio in the personal loan segment. On the other hand, WintWealth offers SIP-style aggregated debt instruments which are less risky and provide high returns — such investment opportunities are usually available to high-net-worth individuals (HNIs). The startup may also add offerings including loans against the corporate papers held by customers if it receives a licence.
Fintech unicorn OneCard and another fintech startup WintWealth have reportedly applied for non-banking finance company (NBFC) licence. The startups are looking at joining the growing list of NBFCs such as Jupiter that have received lending licences lately, ET reported.
In addition, stock trading platform Upstox is also planning to foray into the credit segment. However, it is looking at partnerships with other NBFCs to start with and eventually go on its own. OneCard, founded in 2018 by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi, issues co-branded credit cards in partnership with the likes of South Indian Bank, Federal Bank, BoB Financial, and SMB Bank. It launched its first mobile metal card in 2020.
With the NBFC licence, it would be easy for OneCard to expand its portfolio in the personal loan segment. On the other hand, WintWealth offers SIP-style aggregated debt instruments which are less risky and provide high returns — such investment opportunities are usually available to high-net-worth individuals (HNIs). The startup may also add offerings including loans against the corporate papers held by customers if it receives a licence.
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