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FPL Technologies raises $75 million

Source: FPL Technologies

FPL Technologies, a fintech start-up based in Pune, has raised $75 million as part of its Series C funding round, led by its existing investor - QED Investors along with Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures.

Fresh equity is raised at a post-money valuation of $750 million.

In February 2019, FPL Technologies set out with a vision to build a community of credit aware customers through simple, transparent education and giving them access to digitally enabled state-of-the art credit consumption products & experiences. They first launched OneScore - a no-spam, digital credit score platform offering free credit score checks and personalised insights with which customers can monitor and manage their credit health in a simple, secure manner. The scoring platform is widely popular and has acquired more than 10 million users within just two years of its launch.

OneCard, India’s first exclusive mobile-first, metal credit card was their next launch, in June 2020 in partnership with banks. It is built on a full-stack proprietary technology platform in India. It is powered by a slick, smart app, through which customers can seamlessly transact, swipe-to-pay, make easy in-app repayments, lock the card and much more. Backed by the principles of simplicity, transparency, and giving back control to the user, OneCard has re-imagined credit and payments to offer a highly tech-enabled, customised credit card experience, using modern technology.

The current funding comes in within 10 months after the company raised its Series B funding of $35 million. The latest round of investment brings FPL Technologies’ total funding since launch to approximately $125 million. FPL will use the fresh infusion of capital to strengthen their consumer value proposition, scale up its product teams, to grow the issuance of OneCard & expand its consumer base aggressively.

Speaking on the development, Mr. Anurag Sinha, Cofounder & CEO, said, “The growing customer inclination towards digital and contactless payments in our country has presented a promising opportunity to introduce mobile-first credit consumption products. But alongside that comes the responsibility of educating these customers and making them a credit aware community too . The young digital-savvy customer is increasingly seeking simple, seamless, smooth yet heightened experiences in their lives and this is exactly what we offer through our products. Leveraging our technology prowess, we constantly innovate and offer highly personalized, slick, swanky, state-of-the-art products which are simpe and easy-to-use, to our customers.”

OneCard in the recent past has partnered with multiple banks, to extend the digitally augmented experience of a new-age credit card to tech savvy Indians across the country. Its recent partnerships include leading banks such as - Federal Bank, SIB, SBM and BFSL.

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