FPL Technologies secures $10 mn in Series A funding from Sequoia India, others

Bengaluru: Pune-based fintech startup, FPL Technologies said that it has raised $10 million in Series A financing round from Sequoia India, Matrix Partners India, Hummingbird Ventures, along with angel investors. With this round, FPL Technologies’ has raised a total funding of $15 million, since launch. Further, the company said that it will be leveraging the funds to rapidly scale up its engineering and product teams, while growing the issuance of its card service, OneCard, to more customers. Founded in February, last year, FPL Technologies, currently helps users monitor their credit score and get a credit report on a monthly basis, through its app. Along with this, FPL also focuses on credit education via blogs, quizzes and in-app tips. “We are absolutely convinced about the potential of the Indian credit card market on the back of massive growth of card acceptance, consumer adoption towards digital payments and availability of a large base of risk-scored customers in bureaus,” said Anurag Sinha, co-founder & CEO, FPL Technologies. FPL Technologies isn’t the only physical card startup which has received funding in the recent weeks.