Matrix-backed FPL Technologies raises $75M

12th January 2022. Mumbai: FPL Technologies (OneCard), a fintech start-up based in Pune, has raised $75M as part of its Series C funding round, led by its existing investor - QED Investors along with GIC Singapore, Janchor, Sequoia Capital India, Matrix Partners India and Hummingbird Ventures.

In February 2019, FPL Technologies set out with a vision to build a community of credit aware customers through simple, transparent education and giving them access to digitally enabled state-of-the-art credit consumption products & experiences. They first launched OneScore - a no-spam, digital credit score platform offering free credit score checks and personalised insights with which customers can monitor and manage their credit health in a simple, secure manner. The scoring platform is widely popular and has acquired more than 10 million users within just two years of its launch.

OneCard, India's first exclusive mobile-first, metal credit card was their next launch, in June 2020, in partnership with banks. It is built on a full-stack proprietary technology platform in India. It is powered by a slick, smart app, through which customers can seamlessly transact, swipe-to-pay, make easy in-app repayments, lock the card and much more. Backed by the principles of simplicity, transparency, and giving back control to the user, OneCard has re-imagined credit and payments to offer a highly tech-enabled, customised credit card experience, using modern technology.

The current funding comes within 10 months after the company raised its Series B funding of $35M. The latest round of investment brings FPL Technologies' total funding since launch to approximately $125M. FPL will use the fresh infusion of capital to strengthen its consumer value proposition, scale up its product teams, to grow the issuance of OneCard & expand its consumer base aggressively.

Speaking on the development, Anurag Sinha, Co-founder & CEO, FPL Technologies, said, "The growing customer inclination towards digital and contactless payments in our country 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. The young digital-savvy customer is increasingly seeking simple, seamless, smooth yet heightened experiences in their lives and this is exactly what we offer through our products. Leveraging our technology prowess, we constantly innovate and offer highly personalized, slick, swanky, state-of-the-art products which are simple and easy-to-use, to our customers.'

Commenting on the fundraise, Avnish Bajaj, Founder & Managing Director, Matrix India said, "It has been a privilege to watch from the ringside the outstanding execution from seed to the current milestone in a relatively short period of time. We wish the founders '“ Anurag, Rupesh, Vibhav, Devang & Hari '“ and the OneCard team Godspeed ahead as they innovate in the large market.'

OneCard in the recent past has partnered with multiple banks, to extend the digitally augmented experience of a new-age credit card to tech-savvy Indians across the country. Its recent partnerships include leading banks such as - Federal Bank, SIB, SBM and BFSL.

About FPL Technologies (OneCard):
FPL Technologies was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, who come from a background in banking, with deep expertise in payments, credit and building and scaling digital businesses. FPL is on a mission to re-imagine credit and payments from first principles. The OneCard & OneScore apps can be downloaded from https://www.getonecard.app/ and https://www.onescore.app respectively.

About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading financial services companies, such as, Razorpay (payments and SME Neobank), OfBusiness (B2B Commerce, Fintech), Five Star Business Finance (SME lending), Mswipe (mobile POS), Ola Financial Services (digital-first fin. products), LiquiLoans (P2P lending) and GoKwik (e-commerce enablement platform).

Other marquee investments include Ola (mobility), Dailyhunt (mobile local language platform), Ola Electric (electric vehicles), Stanza Living (tech enabled student housing platform), DealShare (social commerce platform), Jupiter (consumer neobank), Country Delight (D2C dairy & fresh foods brand), Captain Fresh (seafood marketplace), Bijnis (B2B platform for factories), MoEngage (SaaS) and Zupee (leading skill-based gaming app) among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy, check out the #MatrixMoments podcast series.