Fintech Startup FPL Technologies raises $75 million at $750 million Valuation

OneScore and provides credit cards OneCard, announced that it has raised $75 million in a new Series C fundraise, valued at $750 million post-money.

Existing investors QED Investors, Janchor Partners, Sequoia Capital India, Matrix Partners, and Hummingbird Ventures led the funding round.

The funds raised will now be used to expand the company's workforce size, hire across marketing and engineering areas, scale its existing product line, and consider geographic development.

The current round comes just ten months after the company raised $35 million in Series B funding, according to the company. Since its start, FPL Technologies has raised a total of $125 million in equity capital.

FPL Technologies, which was founded in 2018, operates the OneScore digital credit scoring platform, which has a total of 10 million registered customers. Its main product is the OneCard, a physical and virtual credit card that it issues in collaboration with banks.

In June 2020, in the midst of the covid-pandemic, it launched the OneCard service.

Federal Bank, South Indian Bank, SBM India, and IDFC Bank are just a few of the Indian banks with which the firm has worked. In the next months, it is expected to acquire four more banking partners.

FPL Technologies currently has 250,000 OneCard members and facilitates almost Rs 450 crore in monthly spends across its user base. It plans to issue 1 million cards by the beginning of October this year.

Unlike a number of other 'buy now, pay later' card issuers, such as Uni, Slice, and LazyPay, FPL Technologies promises to deal directly with banks to issue these cards and distribute credit, rather than non-banking financial organisations (NBFCs).

FPL Technologies also launched OneCard Secured, a secured lending product, three months ago in an attempt to attract 'new to credit' customers. Users can obtain credit against their fixed deposits with this programme, which was launched in collaboration with SBM India.

FPL's OneCard secured lending product has an average loan line of around Rs 25,000. Credit line limitations for its unsecured lending product can go up to Rs 1 lakh.