FPL Technologies, a fintech startup which operates credit score platform OneScore and issues OneCard credit cards, has raised $75 million as part of its Series C funding round at a $750 million valuation.
The fundraise was led by its existing investor QED Investors along with GIC Singapore, Janchor, Sequoia Capital India, Matrix Partners India and Hummingbird Ventures.
The funding comes within 10 months after the company raised its Series B round of $35 million. The latest round of investment brings FPL Technologies’ total funding since launch to approximately $125 million.
FPL said it will use the fresh infusion of capital to strengthen its consumer value proposition, scale up its product teams, to grow the issuance of OneCard and expand its consumer base aggressively.
“The growing customer inclination towards digital and contactless payments in our country has presented a promising opportunity to introduce mobile-first credit consumption products. But alongside that comes the responsibility of educating these customers and making them a credit aware community too,” said Anurag Sinha, co-founder and CEO of FPL Technologies.
“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,” he said.
In the recent past, OneCard has partnered with multiple banks, to extend the digitally augmented experience of a new-age credit card to tech-savvy Indians across the country.
FPL Technologies said it set out with a vision to build a community of credit aware customers in February 2019 by giving them access to digitally enabled credit consumption products and experiences. The Pune-based startup first launched OneScore - a no-spam, digital credit score platform offering credit score checks and personalised insights with which customers can monitor and manage their credit health. The company claims its scoring platform has acquired more than 10 million users within just two years of its launch.
OneCard, a mobile-first, metal credit card was their next launch, in June 2020, in partnership with banks. The startup claims it is built on a full-stack proprietary technology platform in India and is powered by an app through which customers can seamlessly transact, swipe-to-pay, make easy in-app repayments, lock the card and much more.