Collin Furtado · · 1 min readSequoia joins Indian fintech firm’s $75m round
FPL Technologies (FPL) has raised US$75 million as part of its series C fundraising, which was led by the India-based fintech startup’s existing investor, QED Investors, and saw participation from Janchor Partners, Sequoia Capital India, Matrix Partners, and Hummingbird Ventures.
The round took FPL’s valuation to US$750 million.
The FPL Technologies team / Image credit: FPL Technologies
Founded by former ICICI Bank executives Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in February 2019, FPL has built a its own full-stack tech platform in India. It initially began with OneScore, a no-spam digital platform that offers free credit score checks and personalized insights, which customers can use to monitor and manage their credit health.
In June 2020, the fintech firm launched OneCard, an exclusive mobile-first metal credit card, in partnership with banks such as Federal Bank, South Indian Bank, SBM Bank, and Bank of Baroda Financial Solutions.
FPL will use the fresh capital to scale up its product teams, grow the number of OneCard issuances, and expand its consumer base.
See also: Meet the 20 top-funded fintech companies in India
The latest funding comes within 10 months of the Pune-based firm’s US$35 million series B raise. The latest round of investment brings FPL’s total funding to about US$125 million so far.
Editing by Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
