Fintech startup FPL Technologies Pvt. Ltd, founded by three former ICICI Bank executives last year, said on Tuesday it has raised $10 million (Rs 74.6 crore) from new and existing investors as part of its Series A funding round.
Matrix Partners India, Sequoia Capital India, Hummingbird Ventures and a number of angel investors participated in this round, FPL Technologies said in a statement. It didn’t disclose the name of the angel investors.
The announcement comes after VCCircle reported last month that the startup had raised Series A from these investors.
FPL Technologies had raised seed funding round last year from Matrix Partners and Sequoia Capital along with some individuals.
Hummingbird is the new investor. This is the third investment in India by the London- and Belgium-based company. Earlier this year, it invested in two entities: Neo-banking startup Jupiter, led by co-founder of Citrus Pay and former managing director of PayU Jitendra Gupta; and SME-focused fintech startup Khatabook.
FPL Technologies also announced the launch of its mobile-first credit card, OneCard, which it says it built on a full-stack proprietary technology platform in India and is targeted at digitally savvy young Indians.
The startup will use the fresh capital to expand its engineering and products team and boost the issuance of OneCard to more customers.
FPL Technologies was founded last year by former ICICI Bank executives Anurag Sinha, Rupesh Kumar and Vibhav Hathi. The company’s first product was mobile app Onescore, which helps users check their credit score.
The segment has seen a lot of investor activity in the past few years as startups go through their growth and customer acquisition phases.
Apart from Khatabook and Jupiter, a slew of other early-stage and more mature startups have also received funding this year.
Earlier this month, fintech platform Crowdpouch secured angel funding from Elina Investments while public transit-focused offline and contactless payments company CityCash pulled in seed funding from Orios Venture Partners.
Late last month, Matrix Partners and SAIF Partners participated in the seed funding round of fintech firm Jodo.
Also in July, group payments-focused goDutch raised $1.7 million in a seed funding round led by Matrix and blockchain-based chit fund management platform ChitMonks mobilised about Rs 5 crore from early-stage investor Unicorn India Ventures.