Pune-based FinTech startup FPL Technologies has raised US$ 10M in a Series A funding round held in August 2020 from Sequoia India, Matrix Partners India, Hummingbird Ventures, along with various angel investors.
The latest round brings the startup’s total funding to US$ 15M since its launch. Proceeds from the round will be used to hire employees for its engineering and product teams, while also looking forward to growing the issuance of its card service, OneCard, to more customers.
Anurag Sinha, Rupesh Kumar and Vibhav Hathi launched FPL Technologies in 2019. It presently helps users monitor their credit score and get a credit report on a once-a-month basis, through its OneScore App. Also, providing credit education through blogs, quizzes and tips available on its App. It also consists of an innovative score planner, which helps users improve their credit score via customized insights. The OneScore App has amassed almost 2 million users since its launch and is available on both iOS and Android platforms.
Anurag Sinha, CEO of FPL Technologies was quoted to say that, “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.”
In June 2020, the startup launched its mobile-first credit card called, OneCard. Primarily for digitally via the OneScore App, thus preventing any physical contact with card agents. The card enables users to perform many functions such as domestic or international transactions, locking their card. Also, online or offline transactions, paying their credit card bill, and much more. It also provides rewards through its program, OneRewards.
Shailesh Lakhani, Managing Director, Sequoia Capital India LLP said, “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. This conviction has led to Sequoia India increasing its commitment in FPL.”
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