Indian fintech FPL Technologies raises $75m in Series C round
Indian fintech FPL Technologies has raised $75 million in a Series C funding round.
The round was led by existing investor QED Investors and saw participation from GIC Singapore, Janchor, Sequoia Capital India, Matrix Partners India and Hummingbird Ventures.
Pune-based FPL’s products are designed to foster a credit-savvy population. Their digitally enabled credit consumption offerings include OneScore, a digital credit score platform offering free credit score checks, and OneCard, a mobile-first credit card.
OneScore has already racked up more than 10 million users since its launch two years ago.
This latest funding round follows a $35 million Series B early last year. FPL Technologies’ total funding since launch now stands at approximately $125 million.
FPL says it will use the latest cash injection to strengthen its consumer value proposition, scale up its product teams and expand its consumer base.
FPL Technologies co-founder and CEO Anurag Sinha says the rise of digital and contactless payments in India has presented a “promising opportunity” to introduce mobile-first credit consumption products.
“But alongside that comes the responsibility of educating these customers and making them a credit aware community too,” Sinha adds.