FPL Technologies raises $75 mn funding at $750 mn valuation

FPL Technologies, a fintech startup based in Pune, has raised $75 million as part of its Series C funding round, led by its existing investor - QED Investors along with Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures. The fresh equity is raised at a post-money valuation of $750 million.

Founded in February 2019, FPL Technologies first launched OneScore - a no-spam, 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, mobile-first, metal credit card was their next launch, in June 2020 in partnership with banks.

The current funding comes in within 10 months after the company raised its Series B funding of $35 million. The latest round of investment brings FPL Technologies’ total funding since launch to approximately $125 million. It will use the fresh infusion of capital to strengthen its consumer value proposition, scale up product teams, grow the issuance of OneCard and expand its consumer base aggressively.

Anurag Sinha, Co-Founder, and CEO, said, “The growing customer inclination towards digital and contactless payments in our country has presented a promising opportunity to introduce mobile-first credit consumption products."