A 20 -month-old startup in India founded by a group of banking ex-servicemen that has built a mobile-first credit card and is improving the experience useds have with credit cards has secured $ 10 million in a brand-new financing round.
Pune-based FPL Technologies’ $10 million Series A financing round was funded by Matrix Partners India, Sequoia Capital India and Hummingbird Ventures, Anurag Sinha, co-founder and chief executive of the startup, said in an interview with TechCrunch.
We wrote about FPL Engineering last year when the startup had closed a $4.5 million Seed financing round. At the time, the startup had developed an app called OneScore that was helping people catch and better understand their credit score.
At the time, Sinha had said that FPL Technology was working on a credit cards. In June this year, the startup propelled its credit card, announced OneCard.
More than 5,000 beings across the country are currently exerting this metal-made credit card, which has been certified by Visa and a number of security firms, and over 75,000 beings are on a waiting list to get it.
Its app, OneScore, has amassed over two million customers. Ratings of firms in India offer users with the ability to find their credit value at no charge. But in return, they sell their customers’ info to other parties, which initiates off a chain of events that aims up these customers getting more than a dozen calls each month from conglomerates — generally their middlemen marriages — that offering credit cards and loans.
OneScore does not share its users’ data with anyone. Why it espouses not to do that explains what this startup is attempting to achieve: Make customers’ experience with their credit cards more delightful — a hypothesi that is almost unheard of for most credit card holders in India.
The startup has built a engineering stack that determines common sense pieces such as transparency on deals, the due date to pay the credit card bill, and rewards more easily accessible.
“Their potent, proprietary in-house tech-stack will define the future of digital consumer credit in India and this decision has led to Sequoia India increasing its commitment in FPL, ” said Shailesh Lakhani, Managing board at Sequoia Capital India, in a statement.
The OneCard likewise does not charge customers any attaching cost or annual cost. It earmarks customers to control the wages they wish to avail. For instance, if your expends predominantly necessitates buying gadgets and ordering coffee online, you are eligible to mounted your OneCard to get 5X wages on those two categories.
These lists are controlled by the customers and can be changed by switching a toggle on the mobile app. The app likewise lets users immediately fasten their placard, disable online or offline events with a few taps, and assists contact-less payment — specific features that has gained more popularity amid the world pandemic. Speaking of which, Sinha said patrons’ expends are nearly back to the pre-coronavirus days.
FPL Technologies plans to use the fresh fund to deliver its credit card to more useds, said Sinha, and also expand its produce offerings.
One commodity that he is exploring is stimulating it was feasible for customers to track all their dues. Once that is live, the startup will work on creating bundles for some of these services that helps users save money. He is hopeful that several fellowships, would be interested to aggressively expand into India, will be interested in it.
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