Federal Card Services commits $250m to India expansion

By Vriti Gothi

Federal Card Services (FCS) has entered India with an investment commitment of  $250 million across its core verticals of technology, real estate, and services. The move represents a defining moment in the evolution of India’s fintech manufacturing landscape, underscoring the nation’s growing influence as a hub for digital and sustainable innovation.

As part of this expansion, FCS is establishing its first manufacturing facility in Pune, Maharashtra, dedicated to the production of 100% metal and biodegradable payment cards. The investment is expected to create over 1,000 direct jobs, while strengthening India’s fintech supply chain through sustainable, locally driven production. This initiative aligns closely with the Government of India’s ‘Make in India’ and green growth missions, reinforcing the country’s position in the global value chain for next-generation payment technologies.

The Pune facility, strategically chosen for its proximity to Mumbai and access to a deep pool of engineering and fintech talent, is designed to serve as a regional innovation centre with export connectivity to Asia, the Middle East, and Europe. With Phase 1 of the 32,000 sq. ft. facility now complete, FCS is advancing equipment calibration and workforce training, with operations scheduled to begin in February 2026. The plant will initially produce 2 million cards annually, with capacity expected to scale to 26.7 million cards per year, meeting the fast-rising demand for premium and eco-conscious payment solutions.

FCS currently partners with Axis Bank, VISA, Mastercard, and FPL Technologies (OneCard), and the India expansion is expected to further deepen collaboration across the country’s fast-growing financial ecosystem.

Matías Gainza Eurnekian, CEO of Federal Card Services (FCS), said, “India is central to our next phase of growth globally. With its strong fintech ecosystem, engineering excellence, and manufacturing capabilities, India offers the perfect foundation for scaling sustainable innovation. Our investment in Pune marks the beginning of a long-term commitment to build, design, and deliver payment solutions from India to the world. We see India not just as a market, but as a strategic hub for innovation, talent, and responsible manufacturing.”

The sustainable card range developed by FCS represents a technological leap beyond traditional PVC-based designs. Created in collaboration with global innovation partners, these cards utilise biodegradable materials derived from renewable sources such as certified wood, coffee fibre, and plant-based composites offering durability, recyclability, and an enhanced premium feel.