FPL Technologies raises $75 million in.

FPL Technologies raises $75 million in funding at $750 million valuation


Bengaluru: Credit-based fintech, FPL Technologies, which works FICO assessment stage OneScore and issues Visas OneCard, on Tuesday said that it has raised $75 million as a piece of its new Series C gather pledges, at a post-cash valuation of $750 million.

The round was led by existing investors – QED Investors, Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures. The company now plans to use the proceeds from the fresh raise to double its team strength, hire across marketing and engineering functions, scale its existing line of products as well as look at geographic expansion. The current funding comes just 10 months after the company raised its Series B funding of $35 million, it said. With this round, FPL Technologies has raised a total of $125 million in equity funding since inception.

Established in 2019, FPL Technologies works computerized FICO assessment stage, OneScore, and has an aggregate of 10 million enrolled clients, using the arrangement. Its key contribution incorporates physical and virtual Visa, OneCard, which it issues in organization with banks. It had sent off the OneCard contribution in June 2020, in middle of the Coronavirus pandemic. The startup has banded together with near five Indian banks including Federal Bank, South Indian Bank, SBM India along with IDFC Bank to give some examples. It hopes to add one more 4 financial accomplices before very long. As of now, FPL Technologies has 250,000 OneCard clients, and works with near Rs 450 crore in spends consistently, across its client base. It hopes to scale issuances to 1 million cards by the beginning of October, this year.

Dissimilar to a few other 'purchase currently pay later' card backers, for example, Uni, Slice and LazyPay, FPL Technologies guarantees that it works straightforwardly with banks to give these cards and dispense acknowledge, rather than working with non-banking finance organizations (NBFCs). "There is an enormous market for Visas, with 80 million to 90 million Indians qualified to have a charge card. For that reason our financial backers are amped up for the open door. At present, the vast majority of our clients come from our OneScore motor and as of now have a record as a consumer. We will be focussed on scaling our item portfolio throughout the following 6-8 months," said Anurag Sinha, fellow benefactor and CEO, FPL Technologies in a connection with ETtech. Sinha added that the organization keeps on being in converses with new financial backers to raise its next round.

FPL Technologies additionally sent off its gotten loaning item OneCard Secured, 90 days back, as it hopes to rope in 'new to credit' clients. The item, which was sent off in relationship with SBM India, permits clients to get credit against their decent stores. Normal credit lines for FPL's OneCard got loaning item remains at generally Rs 25,000. For its unstable loaning item, credit line cutoff points can go the whole way to Rs 1 lakh, Sinha said.

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