The spherical was led by current buyers: QED Buyers, Janchor Companions, Sequoia Capital India, Matrix Companions and Hummingbird Ventures.
The corporate now plans to make use of the proceeds from the brand new enhance to double the energy of its workforce, rent by advertising and engineering features, scale its current product line, and think about geographic enlargement.
The present financing comes simply 10 months after the corporate raised its Sequence B financing of $ 35 million, it mentioned. With this spherical, FPL Applied sciences has raised a complete of $ 125 million in fairness funding since inception.
Based in 2018, FPL Applied sciences operates the digital credit score scoring platform, OneScore, and has a complete of 10 million registered customers utilizing the answer. Its key providing features a bodily and digital bank card, OneCard, which it points in partnership with banks.
It had launched the OneCard providing in June 2020, amid the covid pandemic.
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The startup has partnered with shut to 5 Indian banks, together with Federal Financial institution, South Indian Financial institution, SBM India, and IDFC Financial institution, to call a couple of. It seeks so as to add one other 4 banking companions within the coming months.
Presently, FPL Applied sciences has 250,000 OneCard clients and facilitates about Rs 450 crore in month-to-month bills throughout its whole person base. It seeks to scale emissions to 1 million playing cards by the start of October this yr.
In contrast to different ‘purchase now pay later’ card issuers comparable to Uni, Slice and LazyPay, FPL Applied sciences claims that it really works immediately with banks to situation these playing cards and disburse credit score, fairly than working with non-bank finance firms (NBFC ).
“There’s a enormous marketplace for bank cards, with 80 to 90 million Indians eligible to have a bank card. That’s the reason our buyers are excited in regards to the alternative. Presently, most of our shoppers come from our OneScore engine and have already got a credit score historical past. We are going to deal with increasing our product portfolio over the following 6 to eight months, ”mentioned Anurag Sinha, co-founder and CEO of FPL Applied sciences in an interplay with ETtech.
Sinha added that the corporate remains to be in talks with new buyers to plan its subsequent spherical.
FPL Applied sciences additionally launched its OneCard Secured secured mortgage product three months in the past because it seeks to draw ‘new to credit score’ clients. The product, which was launched in partnership with SBM India, allows customers to acquire credit score towards their time deposits.
Common credit score traces for FPL’s OneCard secured mortgage product are roughly Rs 25,000. For its unsecured mortgage product, the credit score line limits can go as much as Rs 1 lakh, mentioned Sinha.