FPL Technologies Raises $75 Million in Series C Funding Round

FPL Technologies, a fintech start-up based in Pune, has raised $75 million as part of its Series C funding round, led by its existing investor - QED Investors along with Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures. Fresh equity is raised at a post-money valuation of $750 million.

The current funding comes in within 10 months after the company raised its Series B funding of $35 million. The latest round of investment brings FPL Technologies' total funding since launch to approximately $125 million. FPL will use the fresh infusion of capital to strengthen their consumer value proposition, scale up its product teams, to grow the issuance of OneCard & expand its consumer base aggressively.

Speaking on the development, Mr. Anurag Sinha, Cofounder & CEO, said:"The growing customer inclination towards digital and contactless payments in our country 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."

"The young digital-savvy customer is increasingly seeking simple, seamless, smooth yet heightened experiences in their lives and this is exactly what we offer through our products. Leveraging our technology prowess, we constantly innovate and offer highly personalized, slick, swanky, state-of-the-art products which are simpe and easy-to-use, to our customers."

The Pune-based fintech platform operates digital credit score platform OneScore and credit card offering application OneCard, which in the recent past has partnered with multiple banks, to extend the digitally augmented experience of a new-age credit card to tech savvy Indians across the country.