FPL Technologies, a Pune-based fintech startup, has raised $75 million in a Series C funding round led by its existing investor QED Investors, with participation from Janchor Partners, Sequoia Capital India, Matrix Partners, and Hummingbird Ventures.
The new equity was raised at a post-money valuation of $750 million.The latest round of funding comes just ten months after FPL Technologies raised $35 million in Series B funding.
The latest round of investment (Series C funding round) brings the company’s total funding to around $125 million since its inception.
FPL Technologies intends to use the proceeds of the new capital infusion to strengthen its consumer value proposition, scale up its product teams, expand the issuance of OneCard, and aggressively expand its consumer base.
“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.
FPL Technologies, which was founded in 2019, operates OneScore, a digital credit score platform. OneScore is used by the company’s 10 million registered users. OneCard, a physical and virtual credit card issued in collaboration with banks, is one of the platform’s offerings.
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