Pune-based FPL Technologies has raised $10 million in its series A round of funding from Sequoia India, Matrix Partners, Hummingbird Ventures and a clutch of angel investors.
FPL Technologies offers a mobile-first credit card solution, which consumers can apply through the OneScore app and requires no physical interaction with agents.
“We believe that a world-class mobile-first consumer experience suited for Indian consumer preferences, would drive a large adoption of OneCard and we are committed to build and scale that in India,” said Anurag Sinha, cofounder, FPL technologies.
A VISA Signature metal credit card, it is issued in partnership with a bank.
Through OneCard, the company aims to simplify card solutions for young Indians. It comes with enhanced reward offerings, which can be easily redeemed through the OneCard app.
OneCard is available in 12 cities—Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Ahmedabad, Surat, Vadodara, Indore, Jaipur and Kolkata. The company plans to take it to other cities .
Since its launch in 2019, the startup has raised $15 million. The recent funding round will help the company scale up its engineering and product teams to develop and grow the issuance of OneCard to more customers.