Fintech FPL Technologies has raised $75 million in its Series C funding led by existing investor QED Investors with other investors such as Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures. With this funding round, the company’s valuation is now at $750 million.
FPL Technologies is a digital lending fintech and has two products, i.e. OneCard and OneScore. OneCard is a Visa credit card in partnership with IDFC First Bank, Federal Bank, SBM Bank, etc. OneScore was the startup’s first product which is a digital credit score platform offering free services to check credit scores and personalised insights with which customers can monitor and manage their credit score health. The startup claims to have one crore users of OneScore, and 2.5 lakh OneCard credit cards have been issued.
FPL Technologies co-founder and CEO Anurag Sinha said in a media interview that the company has not put a timeline on reaching the $1 billion valuations but is in ongoing talks with investors. “The market is growing fast, and we will keep looking for the right investors who understand this space well. The market opportunity in the credit space is tremendous, which is driving investments,” Sinha said.
The startup will utilise the fresh funds to grow its user base, team and expand into more locations in the country. The company offers digital Buy Now Pay Later (BNPL) and EMI space which aims to serve users who are usually not eligible for credit cards. However, for FPL Technologies, the focus is not new-to-credit customers like the other companies.