FPL Technologies valuation rises to $750 million
By MYBRANDBOOK
FPL Technologies has raised $75 million as a part of its fresh Series C fundraises at a post-money valuation of $750 million. The company operates credit score platform OneScore and issues credit cards OneCard. The round was led by existing investors – QED Investors, Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures.
The current funding comes just 10 months after the company raised its Series B funding of $35 million. With this round, FPL Technologies has raised a total of $125 million in equity funding since inception. The company plans to use the proceeds from the fresh raise to double its team strength, hire across marketing and engineering functions, scale its existing line of products as well as look at geographic expansion.
The startup has partnered with close to five Indian banks including Federal Bank, South Indian Bank, SBM India as well as IDFC Bank to name a few. It looks to add another 4 banking partners in the coming months.
Currently, FPL Technologies has 250,000 OneCard customers, and facilitates close to Rs 450 crore in spends on a monthly basis, across its user base. It looks to scale issuances to 1 million cards by the start of October, this year.
FPL Technologies claims that it works directly with banks to issue these cards and disburse credit, instead of working with non-banking finance companies (NBFCs). FPL Technologies also launched its secured lending product OneCard Secured, three months back, as it looks to rope in ‘new to credit’ customers. The product, which was launched in association with SBM India, allows users to get credit against their fixed deposits.
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