India: Sequoia, Matrix-backed fintech startup FPL raises $10m in Series A

Photo by Josh Appel on Unsplash

Pune-headquartered fintech startup FPL Technologies has raised $10 million in its Series A round from a slew of investors namely Matrix Partners India, Sequoia Capital India and Hummingbird Ventures, per an announcement.

The round also saw the participation of a number of angel investors.

Matrix Partners and Sequoia Capital are the startup’s existing backers and had invested in its seed round last year.

FPL Technologies, established in February 2019 by former bankers Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, also announced the launch of its mobile-first credit card, OneCard.

In what seems to be an industry-first development in the country, a user can easily apply for OneCard digitally through the OneScore app, thus evading any physical contact with card agents.

The innovation aims to offer easy access to potential users in the wake of social distancing.

“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 and CEO at FPL Technologies.

Meanwhile, Avnish Bajaj, founder and managing director at Matrix India, added that the founders “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.”

The OneScore app, launched in July 2019, helps consumers check and monitor their credit score and credit report on a monthly basis. It claims to have acquired close to 2 million users in a year.

This latest investment by Sequoia Capital India, Matrix Partners India and Hummingbird Ventures now brings FPL Technologies’ total funding since its inception to approximately $15 million. The recent funding round will help the company rapidly scale up its engineering and product teams to develop and grow the issuance of OneCard to more customers.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.