About
The company now 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 current funding comes just 10 months after the company raised its Series B funding of $35 million, it said. StoriesThe 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. Sinha added that the company continues to be in talks with new investors to raise its next round. Founded in 2018, FPL Technologies operates digital credit score platform, OneScore, and has a total of 10 million registered users, utilising the solution. 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. Unlike several other ‘buy now pay later’ card issuers, such as Uni, Slice and LazyPay, 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). “There is a large market for credit cards, with 80 million to 90 million Indians eligible to have a credit card.
BengaluruLending And InvestmentsFinancial ServicesSoftware