Credit-based fintech startup FPL Technologies Pvt Ltd has raised $75 million (around Rs 555 crore) at a post-money valuation of $750 million (around Rs 5,548 crore) as part of its series C funding round, led by its existing investor - QED Investors.
The round also saw participating from Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures, the company said in a statement on Wednesday.
The Pune-based fintech platform, which operates digital credit score platform OneScore and credit card offering application OneCard, will deploy the fresh capital to strengthen its consumer value proposition, scale up its product teams, expand its consumer base and grow the issuance of OneCard.
“The growing customer inclination towards digital and contactless payments in our country has presented a promising opportunity to introduce mobile-first credit consumption products...The young digital-savvy customer is increasingly seeking simple, seamless, smooth yet heightened experiences in their lives and this is exactly what we offer through our products," said Anurag Sinha, co-founder and CEO, FPL Technologies.
The latest funding comes within 10 months after the company raised its series B funding of $35 million (around Rs 258 crore).
In July 2020, FPL Technologies had raised around Rs 80 crore (about $11 million) as part of the Series A funding round, and in the following month, the company raised another $10 million (around Rs 74.6 crore) as part of the Series A round.
The total funding raised by the firm since its launch is approximately $125 million (approximately Rs 924 crore).
Founded by Sinha, Rupesh Kumar and Vibhav Hathi, FPL Technologies offers credit cards through OneCard, a mobile-first and metal credit card offering. It first launched One Score in 2019 as a digital credit score platform offering free credit score checks and personalised insights with which customers can monitor and manage their credit health in a simple, secure manner.
OneCard was launched in June 2020 has partnered with five domestic banks including Federal Bank, South Indian Bank and SBM India, among others. In two years, FPL Technologies has acquired more than 10 million users, 250,000 OneCard customers and facilitates close to Rs 450 crore in spends on a monthly basis, across its user base.