FPL secures funding to foster a credit-savvy population in India

India-based FinTech FPL Technologies has raised $75m in a Series C funding round, a report by FinTech Futures has revealed.

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.

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.

The company believes that consumption credit presents a very large opportunity in India and the credit card is the best product to offer consumption credit to India’s growing younger population. FPL said it has created a proprietary full-stack technology platform to deliver a next-generation credit card experience to its customers. Customers can use an intuitive mobile app, called OneScore, along with their credit cards to manage every aspect of their credit life cycle.

FPL Technologies raised $10m in Series A funding in 2020 to support the wider distribution of its credit card, followed by $35m in Series B funding last year. FPL Technologies’ total funding since its launch now stands at approximately $125m.

Anurag Sinha, FPL Technologies co-founder and CEO said 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 added.

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