Funding Alert

FPL Technologies, a fintech startup, has garnered $75 million in funding at a valuation of $750 million.

• ByStartupStory     |    January 13, 2022

FPL Technologies, a Pune-based fintech start-up, has raised $75 million in a Series C funding round led by QED Investors, with participation from Janchor Partners, Sequoia Capital India, Matrix Partners, and Hummingbird Ventures. The new capital will be valued at $750 million post-money.

The funding comes just ten months after the company raised $35 million in a Series B round. The latest round of funding brings FPL Technologies’ total funding to around $125 million since its inception.

FPL plans to use the new capital to improve its consumer value proposition, scale up its product teams, increase OneCard issuance, and aggressively expand its customer base.

“In our country, the growing customer preference for digital and contactless payments has created an exciting opportunity to introduce mobile-first credit consumption products.” But with that comes the responsibility of educating these customers and turning them into a credit-aware community,” said Anurag Sinha, FPL Technologies’ co-founder and CEO.

“The young digitally savvy customer is increasingly seeking simple, seamless, smooth yet heightened experiences in their lives, and this is exactly what our products provide,” he said.

OneCard has recently partnered with a number of banks to bring the digitally enhanced experience of a new-age credit card to tech-savvy Indians across the country.

FPL Technologies stated that in February 2019, it set out with the goal of creating a community of credit-aware customers by providing them with digitally enabled credit consumption products and experiences. The Pune-based startup first launched OneScore, a no-spam, digital credit score platform that allows customers to monitor and manage their credit health by providing credit score checks and personalised insights. In just two years since its launch, the company claims that its scoring platform has attracted more than 10 million users.

In June 2020, they will launch OneCard, a mobile-first, metal credit card in collaboration with banks. Customers can seamlessly transact, swipe-to-pay, make easy in-app repayments, lock the card, and much more, according to the startup, which claims to be built on a full-stack proprietary technology platform in India.

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