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.