Fintech start-up FPL Technologies raises $75 mn in funding at $750 mn valuation

FPL Technologies, a Pune-based fintech start-up, has raised $75 million as part of its Series C funding round, led by its existing investor - QED Investors along with Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures.

The company has raised the fresh equity at a post-money valuation of $750 million. 

The latest fundraise comes within 10 months after FPL Technologies raised its Series B funding of $35 million. 

The latest round (Series C funding round) of investment brings the company's overall funding, since its inception, to $125 million approximately. 

Also Read: Fintech start-up Tyke raises $1.5 million in pre-seed round

FPL Technologies plans to utilise the proceeds from the fresh capital infusion to strengthen its consumer value proposition, scale up its product teams, to grow the issuance of OneCard and expand its consumer base aggressively.

"The growing customer inclination towards digital and contactless payments in our country has presented a promising opportunity to introduce mobile-first credit consumption products," said Anurag Sinha, co-founder and chief executive officer (CEO) of FPL Technologies.

"But alongside that comes the responsibility of educating these customers and making them a credit aware community too," he added.

Also Read: Fintech NBFC LivFin raises $2 mn from venture debt player BlackSoil

Founded in 2019, FPL Technologies operates OneScore, which is a digital credit score platform. 

The company has a total of 10 million registered users, utilising OneScore. The platform's offerings comprise physical and virtual credit card, OneCard, which the company issues in partnership with banks.