Pune based fintech startup First Principles Lab Technologies (FPL) has raides USD 4.5 Million in the funding round led by Matrix Partners India and Sequoia India. The company has launched an app called OneScore for credit card tracking and it is planning to launch a mobile credit card soon.

Anurag Sinha, Co-founder and CEO, FPL Technologies said, “We believe existing credit products need to be more digital, flexible, transparent, ubiquitous and fair priced to end-consumers to build scale.From the process of researching for a product, to acquiring it, using it on a day to day basis and finally handling exceptions, we have set out to re-imagine every aspect from first principles using modern technology.”

ET reports industry's estimatation of India having around 50 million credit cards and 300 million consumers whose credit scores are with bureaus like CIBIL and Experian which are the potential market for FPL companies.The credit card market has seen heightened interest among major players like Paytm, Flipkart, Ola among others, who have introduced their own credit cards in partnership with banks.