FPL Technologies raises $10 mn from Matrix, Sequoia, others

Pune-based FPL Technologies, which owns and operates credit-scoring app OneScore, has announced raising $10.62 million in a Series A funding round from returning investors Matrix Partners India, Sequoia Capital India and Kunal Shah backed QED Innovation Labs. 

New investors including Belgium based Hummingbird Ventures and New Delhi headquartered DMI Alternatives also participated in the round, according to data sourced from VCCEdge. 

Founded by former banking executives Anurag Sinha, Rupesh Kumar and Vibhav Hathi, FPL has raised $15 million since incorporation in 2019, according to a statement.

The company has also launched its mobile-first credit card called OneCard. 

According to FPL, the card, which does not require physical touchpoints to access, can be controlled using the OneCard mobile app enabling transactions. It also does not charge an annual or joining fee. The card has been launched across 12 cities including Mumbai, Delhi NCR and Bengaluru.

FPL last raised  $4.5 million equity capital in September 2019. It will use the capital to scale its engineering and product team and grow its business. 

“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 availability of a large base of risk-scored customers in bureaus,” Anurag Sinha, CEO of FPL Technologies said in a statement. 

The fintech space especially the neobanking sector has seen a rise in investor interest. Neobanking platform Finin raised equity capital from Unicorn India ventures in July. In January, Venture Catalysts invested in neo-banking platform for business payments, Nupay. 

Matrix Partners is also an investor in consumer focused neobanking startup Yelo, while Sequoia Capital has backed digital solutions provider epiFi Technologies.

Matrix partners India currently has about $1 million in management. According to reports, Sequoia Capital is raising $7 billion across multiple funds in the US, China and India.