Active Stocks
Thu Mar 28 2024 14:09:24
  1. Tata Steel share price
  2. 155.95 2.03%
  1. HDFC Bank share price
  2. 1,456.40 1.09%
  1. ITC share price
  2. 431.00 0.70%
  1. Power Grid Corporation Of India share price
  2. 277.70 2.45%
  1. State Bank Of India share price
  2. 756.35 3.04%
Business News/ Companies / Start-ups/  FPL Technologies raises $75 mn led by QED Investors, others
BackBack

FPL Technologies raises $75 mn led by QED Investors, others

Founded by Anurag Sinha, Rupesh Kumar and Vibhav Hathi, FPL Technologies offers credit cards through OneCard, a mobile-first and metal credit card offering

FPL Technologies has so far raised approximately $125 million, or about ₹924 crore, since its launch. (Photo: AFP)Premium
FPL Technologies has so far raised approximately $125 million, or about 924 crore, since its launch. (Photo: AFP)

NEW DELHI: Credit-based fintech startup FPL Technologies Pvt Ltd has raised $75 million, around 555 crore, at a post-money valuation of $750 million, around 5,548 crore, as part of its series C funding round, led by its existing investor - QED Investors.

The round also saw participation from Janchor Partners, Sequoia Capital India, Matrix Partners, and Hummingbird Ventures, the company said in a statement on Wednesday.

The Pune-based fintech platform, which operates digital credit score platform OneScore and credit card offering application OneCard, will deploy the fresh capital to strengthen its consumer value proposition, scale up its product teams, expand its consumer base and grow the issuance of OneCard.

“The growing customer inclination towards digital and contactless payments in our country has presented a promising opportunity to introduce mobile-first credit consumption products...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," said Anurag Sinha, co-founder and CEO, FPL Technologies.

The latest funding comes within 10 months after the company raised its series B funding of $35 million, or around 258 crore.

In July 2020, FPL Technologies had raised around 80 crore (about $11 million) as part of the Series A funding round, and in the following month, the company raised another $10 million (around 74.6 crore) as part of the Series A round.

It has so far raised approximately $125 million, or about 924 crore, since its launch.

Founded by Sinha, Rupesh Kumar and Vibhav Hathi, FPL Technologies offers credit cards through OneCard, a mobile-first and metal credit card offering. It first launched One Score in 2019 as a 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.

OneCard was launched in June 2020 has partnered with five domestic banks including Federal Bank, South Indian Bank and SBM India, among others. In two years, FPL Technologies has acquired more than 10 million users, 250,000 OneCard customers and facilitates close to 450 crore in spends on a monthly basis, across its user base.

TAGS: OneCard, FPL Technologies, fintech, QED Investors, Janchor Partners, Sequoia Capital India, Matrix Partners, Hummingbird Ventures, One Score

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 12 Jan 2022, 02:06 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie