Fintech Startup FPL Technologies Jumps to $750 Mn Valuation
FPL Technologies is a credit-based fintech startup founded by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi, established in 2019. It first launched OneScore – a no-spam, digital credit score platform offering free credit score checks and personalized insights with which customers can monitor and manage their credit health securely.
It offers credit cards through OneCard, a mobile-first and metal credit card offering and has raised $125 million since its launch.
FPL Recently, Credit-based fintech startup FPL Technologies Pvt Ltd raised $75 million (₹555 crores) at a post-money valuation of $750 million (₹5,548 crores), as part of its fresh series C fundraiser round, which was led by – QED Investor along with Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures
The Pune-based Fintech platform now plans to use the proceeds from the fresh raise to scale up its team strength. They are also looking forward to strengthening its consumer value proposition, expansion of its consumer as well as geographical base and growing the issuance of OneCard.
Today’s generation seeks simple, seamless, smooth and heightened experiences in their lives, which FPL offers to their customers. The inclination of customers towards digital and contactless payments in our country has presented a promising opportunity to introduce mobile-first credit consumption products.
The latest funding comes just 10 months after the company raised its series B funding of $35 million(₹258 crores)
OneCard was launched in 2020 has partnered with up to five domestic banks, including Federal Bank, South Indian Bank and IDFC Bank, among others. In two years, FPL Technologies has attained more than 10 million users, 250,000 OneCard customers and facilitates close to ₹450 crores in spending every month across its user base.
Unlike other cards ‘buy now pay later’ card issuers, such as Uni, Slice and LazyPay, FPL Technologies says, it works directly with banks to issue these cards and diffuse credit, instead of working with them non-banking finance companies (NBFCs).
Anurag Sinha, the co-founder and CEO of FPL technology, said that they would be scaling their product over the next 6-8 months as he feels there’s a huge market for credit cards, with 80 million to 90 million Indians eligible to have a credit card.
Average credit lines for FPL’s OneCard stand roughly at Rs25,000, while its unsecured lending product limits can go all the way to Rs1 lakh.