FPL Technologies Raises $ 75 Million at $ 750 Million Valuation
The round was led by existing investors – QED Investors, Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures.
The company now plans to use the proceeds from the further increase to double its team size, hire in marketing and engineering functions, expand its existing product line, and consider geographic expansion.
The current funding comes just 10 months after the company raised its $ 35 million Series B funding, he said. With this round, FPL Technologies has raised a total of $ 125 million in equity since its inception.
Founded in 2018, FPL Technologies operates the digital credit scoring platform, OneScore, and has a total of 10 million registered users, using the solution. Its flagship offer includes a physical and virtual credit card, OneCard, which it issues in partnership with banks.
He launched the OneCard offer in June 2020, in the midst of the covid pandemic.
Discover the stories that interest you
The startup has partnered with nearly five Indian banks, including Federal Bank, South Indian Bank, SBM India as well as IDFC Bank to name a few. He plans to add 4 other banking partners in the coming months.
Currently, FPL Technologies has 250,000 OneCard customers and facilitates spending of nearly Rs.450 crore on a monthly basis, across its user base. It plans to increase issuance to 1 million cards by the start of October this year.
Unlike several other ‘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 disburse credits, instead of working with credit cards. non-bank financial corporations (NBFC).
“There is a large market for credit cards, with 80 to 90 million Indians eligible for a credit card. This is why our investors are excited about this opportunity. Currently, most of our clients come from our OneScore engine and already have a credit history. We will focus on scaling our product portfolio over the next 6-8 months, ”said Anurag Sinha, co-founder and CEO of FPL Technologies during an interaction with ETtech.
Sinha added that the company is still in talks with new investors to increase its next round.
FPL Technologies also launched its OneCard Secured loan product three months ago as it seeks to attract new customers for credit. The product, which was launched in association with SBM India, allows users to obtain credit on their term deposits.
Average lines of credit for FPL’s OneCard secured loan product is around Rs 25,000. For its unsecured loan product, line of credit limits can be up to Rs 1 lakh, Sinha said.