punebased onecard and bengalurus wintwealth have applied for licences to operate as nonbanking finance companies people in the know saidthese startups intend to join fintech majors such as cred groww and jupiter that have recently bagged the lending licences stock investing platform upstox is also looking to enter the credit domain initially in partnerships with other nbfcs and banks but eventually on its ownalso read stock broking startups groww upstox eye lending payments to expand revenue basecredit card unicorn onecard and wintwealth which helps retail investors buy corporate bonds did not respond to emails seeking comment ettechregulatory domainafter the reserve bank of india came out with digital lending licences large fintechs started taking steps towards getting more regulated and increasing their stake in the gamediscover the stories of your interestblockchain5 storiescybersafety7 storiesfintech9 storiesecomm9 storiesml8 storiesedtech6 storieswith regulations fintechs will have to be cautious about their approach towards experimentation fintechs are adopting both approaches of having a credit card strategy as well as doling out personal loans on their platform said a fintech founder who spoke on the condition of anonymitythe idea is to provide a wide stack of lending solutions to retain customers on their platform he addedalso with an nbfc licence fintechs can enter into colending partnerships with large banksfor onecard getting an nbfc licence would help it build exposure in personal loans and offer other productscurrently onecard offers premium credit cards on behalf of midsized lenders like federal bank south indian bank and csb bank it also works with bob cards the card division of staterun bank of barodaaccording to one of the people cited earlier onecard has so far issued around 15 million cards on which it has recorded monthly spending of about rs 1500 crorenews website the arc wrote recently that onecard is also scouting for a fresh funding round of 50100 million the sequoia capitalbacked startup has till date raised 233 million and achieved a valuation of 13 billionunlike its competitors in the space focused on newage audiences onecard is focused on salaried professionals leading to a more stable retention cohort in the short term they might be burning on rewards etc but on a portfolio level they have managed to generate revenues said a person aware of the new round that onecard was stitchingwith its own nbfc onecard can use its app to offer retail lending products like checkout finance or buynowpaylater bnpl options even consumers who might not qualify for a credit card which has very stringent background checks can be offered small personal loansexpand the universefor any fintech that has managed to scale up the user base the next big challenge is to retain them and keep them engaged with the lending licence platforms are looking for just thatalso read neobank jupiter secures nbfc licence will raise debt to push lending businesswintwealth is a platform where retail customers can pick up debt issues from large companies with an nbfc licence it can put more skin in the game by offering