FPL Technologies secures $10 mn in Series A funding from Sequoia India, others2 min read . Updated: 18 Aug 2020, 09:21 PM IST
The company said that it will be leveraging the funds to rapidly scale up its engineering and product teams, while growing the issuance of its card service, OneCard, to more customers
Bengaluru: Pune-based fintech startup, FPL Technologies said that it has raised $10 million in Series A financing round from Sequoia India, Matrix Partners India, Hummingbird Ventures, along with angel investors.
With this round, FPL Technologies’ has raised a total funding of $15 million, since launch. Further, the company said that it will be leveraging the funds to rapidly scale up its engineering and product teams, while growing the issuance of its card service, OneCard, to more customers.
Founded in February, last year, FPL Technologies, currently helps users monitor their credit score and get a credit report on a monthly basis, through its app.
Along with this, FPL also focuses on credit education via blogs, quizzes and in-app tips. It has an advanced score planner, which helps users improve their credit score via personalised insights.
Over the course of one year, the OneScore app (on both Android & iOS) has acquired close to 2 million users.
“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 Anurag Sinha, co-founder & CEO, FPL Technologies.
The company also launched its mobile-first credit card, OneCard, earlier in June, this year. Through this solution, 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 also added that members can 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 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 Avnish Bajaj, founder and managing director, Matrix India.
FPL Technologies isn’t the only physical card startup which has received funding in the recent weeks. There is also public-transit focussed payments firm CityCash which raised $1 million as a part of its seed round from early stage venture capital firm Orios Venture Partners, earlier this month.