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FPL Technologies secures US$ 10 million in Series A funding from Sequoia India, others

IBEF:  August 19, 2020

FPL Technologies, a Pune-based fintech startup, raised US$ 10 million in Series A financing round led by Sequoia India, Matrix Partners India, Hummingbird Ventures, along with angel investors.

So far, FPL Technologies has raised a total funding of US$ 15 million since its launch. The company plans to use these funds in scaling up its engineering and product teams, while growing the issuance of its card service, OneCard, to more customers.

The company was founded in February 2020 and currently offers help to users in monitoring their credit score and get a credit report monthly, through its app.

It also focuses on credit education via blogs, quizzes, and in-app tips. App has an advanced score planner, which helps users improve their credit score via personalised insights.

The company has a user base of 2 million users on the OneScore app (on both Android & iOS).

“We are absolutely convinced about the potential of the Indian credit card market on the back of massive growth of card acceptance, consumer adoption towards digital payments and availability of a large base of risk-scored customers in bureaus," said Mr Anurag Sinha, co-founder and CEO, FPL Technologies.

OneCard, the company’s mobile-first credit card service was launched in June 2020. A user can easily apply for OneCard digitally via the OneScore app, thus evading any physical contact with card agents, according to the company.

The company added options for members to control every aspect of their OneCard from a mobile app - from enabling domestic or international transactions, locking their card, enabling online or offline transactions, paying their credit card bill, and much more. OneCard also provides rewards through its program, OneRewards.

“The FPL team led by Anurag, Vibhav and Rupesh have built a superior offering with the fastest onboarding, easiest reward redemption, and simplest bill payments. Their powerful, proprietary in-house tech-stack will define the future of digital consumer credit in India and this conviction has led to Sequoia India increasing its commitment in FPL," said Mr Shailesh Lakhani, managing director, Sequoia Capital India LLP.

“It has been exciting to see the progress of Anurag, Vibhav, Rupesh and the FPL team from the idea stage to the launch of OneScore and now OneCard. They are well on their way to building the best mobile first credit card experience both online and offline with deep technological and data driven innovation", added Mr Avnish Bajaj, founder and managing director, Matrix India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.