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