US-based Federal Card Services announces India entry, to invest $250 million

US-headquartered card manufacturing company Federal Card Services (FCS) on Tuesday announced its entry into India with a USD 250 million bet on the market, starting with a manufacturing facility in Pune.

The company aims to create 1,000 direct jobs in the country through its investment across technology, real estate and services verticals, as per an official statement.

The Pune plant will produce 100 per cent metal cards and biodegradable cards, it said, adding that being in Pune helps it on the talent front and also with easy connectivity with regional markets across Asia, the Middle East and Europe.

The company plans to start operations at the Pune facility in February 2026, it said, noting that the first phase of the 32,000 sq ft facility is complete and that it is now focused on equipment calibration and workforce training.

The facility will commence with an initial capacity of 2 million cards per year, which will be scaled up to 26.7 million cards annually, the company said, without disclosing a timeline on the same.

"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," its chief executive, Matías Gainza Eurnekian, said.

The investment in Pune marks the beginning of a long-term commitment to building and designing payment solutions from India to the world, the CEO said, adding that India is not just a market but a strategic hub for innovation, talent, and responsible manufacturing.

It already has partnerships with Axis Bank, VISA, Mastercard, and FPL Technologies (OneCard).

The metal cards are an alternative to PVC plastic, it said, adding that the sustainable portfolio includes biodegradable materials developed from renewable sources such as certified wood, coffee fiber and other plant-based composites.

The statement said the Miami-headquartered FCS USA is currently the second-largest company worldwide in terms of installed capacity and patent portfolio within the premium card industry. Its research and development department is in Ireland, and it has a consolidated manufacturing facility in Ohio.