Kiwi / OneCard (Fintech Credit Card Startups) (N/A)
Published 2026-03-17 • by uniteconomics
Thesis Summary
The regulatory environment in India for credit card fintechs has become increasingly hostile due to RBI restrictions, making it unwise to launch or invest in new credit card-focused fintech startups without massive existing distribution.
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Detailed Deep Dive
A direct consequence of the changing co-branding dynamics is that there appears to be little merit in cornering the business model of a fintech around credit cards today, unless large distribution already exists. More directly, I would suggest that it would be unwise to start a Kiwi or OneCard in today’s environment.