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FPL Technologies raises $10 million in Series A round from Sequoia India, others

The fintech offers a mobile-based credit card which can be applied through its OneScore app.

August 18, 2020 / 03:12 PM IST

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.

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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.
Pratik Bhakta
first published: Aug 18, 2020 03:12 pm
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