Sequoia-backed FPL Tech Raises $10 Mn in Series A, Launches Mobile-First Credit Card The idea behind OneCard is to simplify credit card usage end-to-end with technology, from enabling domestic/international transactions to locking their card, to enabling online/offline transactions and more

Fintech startup FPL Technologies has raised USD 10 million in series A funding round led by marquee investors Sequoia India, Matrix Partners India and Hummingbird Ventures, along with a clutch of angel investors.

The one-year old company also announced the launch of its mobile-first credit card OneCard, which is built by FPL on a full-stack proprietary technology platform in India.

Co-founded in February 2019 by Anurag Sinha, Rupesh Kumar and Vibhav Hathi, FPL Technologies through its mobile application OneScore helps consumers to monitor their credit score and track payment history of loan and credit card bills.

The app offers an advanced score planner that helps users to improve their credit score via personalized insights and encourages responsible credit behavior. OneScore claims to have acquired close to 2 million users in a year.

Sequoia India and Matrix India, along with a few angel investors, had previosuly pumped USD 4.5 million in FPL Technology in September 2019, just two months after the company launched OneScore app. With the latest investment, the total funding raised by the Pune-based fintech startup stands at USD 15 million.

With the fresh funds, OneScore aims to rapidly scale up its engineering and product teams to develop and grow the issuance of OneCard to more customers.

OneCard – Fully Digital Credit Card

The idea behind OneCard is to simplify credit card usage end-to-end with technology.

"Card members can control every aspect of their OneCard from a mobile app—whether enabling domestic/international transactions, locking their card, enabling online/offline transactions, paying their credit card bill, and much more," said the company in a statement.

FPL Technology has tied-up with three banks for OneCard but has currently launched the one in partnership with IDFC Bank. It refused to reveal the other two banks.

Commenting on the launch of OneCard, Co-founder and CEO Sinha said "We believe that a world-class mobile-first consumer experience suited for Indian consumer preferences, would drive a large adoption of OneCard and we are committed to build and scale that in India."

A user can easily apply for OneCard—a VISA Signature metal credit card—digitally via the OneScore app, giving users an easy contactless experience in the wake of social distancing mandated by the Covid-19 pandemic. The company will not charge any joining or annual fees and offers forex markup rate of 1 per cent for international transactions.

"OneCard changes the game for the consumer credit card experience. The FPL team led by Anurag, Vibhav and Rupesh have built a superior offering with the fastest onboarding, easiest reward redemption, and simplest bill payments," said Shailesh Lakhani, Managing Director, Sequoia Capital India LLP. "Their powerful, proprietary in-house tech-stack will define the future of digital consumer credit in India and this conviction has led to Sequoia India increasing its commitment in FPL."

OneCard also has a rewards program named OneRewards that awards 5X points on the top two spend categories each month, the company said. Reward points will be credited and redeemed instantly in OneCard app, with no redemption fee.