Indian fintech FPL Technologies raises $75m in Series C round

Indian fintech FPL Technologies has raised $75 million in a Series C funding round.

FPL Technologies CEO Anurag Sinha

The round was led by existing investor QED Investors and saw participation from GIC Singapore, Janchor, Sequoia Capital India, Matrix Partners India and Hummingbird Ventures.

Pune-based FPL’s products are designed to foster a credit-savvy population. Their digitally enabled credit consumption offerings include OneScore, a digital credit score platform offering free credit score checks, and OneCard, a mobile-first credit card.

OneScore has already racked up more than 10 million users since its launch two years ago.

This latest funding round follows a $35 million Series B early last year. FPL Technologies’ total funding since launch now stands at approximately $125 million.

FPL says it will use the latest cash injection to strengthen its consumer value proposition, scale up its product teams and expand its consumer base.

FPL Technologies co-founder and CEO Anurag Sinha says the rise of digital and contactless payments in India 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,” Sinha adds.