Pune-based fintech startup FPL Technologies has raised $10 million in Series A funding, from Matrix Partners India, Sequoia Capital India, Hummingbird Ventures, along with several angel investors.
The startup also announced the launch of its mobile-first credit card OneCard.
With this round, the total funding raised by FPL Technologies is at $15 million. The funding will help the startup scale its product and engineering teams and increase the OneCard user base.
Anurag Sinha, Co-founder and CEO of FPL Technologies, said, “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 the availability of a large base of risk-scored customers in bureaus. We believe that a world-class, mobile-first consumer experience suited for Indian consumer preferences would drive a large adoption of OneCard and we are committed to build and scale that in India.”
Built by FPL on a full-stack proprietary technology platform, a user can apply for the card online through the OneScore app. Launched in July 2019, the OneScore app helps consumers monitor and check and their credit report and scores every month. The app has close to two million users, and is available on Android and iOS.
This ensures that there is no contact with card agents, offering social distancing to users. OneCard issues a Visa Signature metal credit card, issued in partnership with banking partners.
The card allows users to control all aspects of the OneCard from an app. This includes locking the card, enabling offline and online tractions, enabling domestic and international transaction, and paying the bill. It has no joining or annual fees and has a forex markup of one percent.
The app also focuses on credit education through blogs, quizzes and in-app tips. It also has an advanced score planner, which helps users improve their credit score with personalised insights, and encourages responsible credit behaviour.
The card also provides OneRewards that provides 5X points to the top two spend categories every month. The points can be credited and redeemed immediately on the app with no fee. The card waitlist was launched in February, and the startup claims it already has over 75,000 users participating.
Shailesh Lakhani, Managing Director, Sequoia Capital India LLP, said, “OneCard changes the game for the consumer credit card experience. The FPL team led by Anurag, Vibhav, and Rupesh have built a superior offering with the fastest onboarding, easiest reward redemption, and simplest bill payments. Their powerful, proprietary in-house tech-stack will define the future of digital consumer credit in India and this conviction has led to Sequoia India increasing its commitment in FPL.”
At present, OneCard is available across 12 cities in India. The startup is planning for further geographic expansion. FPL Technologies was founded in February 2019 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi.
Avnish Bajaj, Founder and Managing Director, Matrix India, said, “It has been exciting to see the progress of Anurag, Vibhav, Rupesh and the FPL team from the idea stage to the launch of OneScore, and now OneCard. They 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.”
(Edited by Saheli Sen Gupta)
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