A 20-month-old startup in India established by a group of banking veterans that has developed a mobile-first credit card and is improving the experience users have with charge card has actually secured $10 million in a brand-new financing round.
Pune-based FPL Technologies’$10 million Series A funding round was funded by Matrix Partners India, Sequoia Capital India and Hummingbird Ventures, Anurag Sinha, co-founder and chief executive of the start-up, said in an interview with TechCrunch. We wrote about FPL Technologies last year when the startup had actually closed a$4.5 million Seed financing round. At the time, the start-up had actually established an app called OneScore that was assisting people discover and comprehend their credit rating. At the time, Sinha had stated that FPL Technologies was working on a credit card. In June this year, the startup
introduced its credit card, called OneCard. More than 5,000 people throughout the countryare currently using this metal-made charge card, which has been accredited by Visa and a number of security companies, and over 75,000 people are on a waiting list to get it.
Banking veterans Vibhav Hathi, Anurag Sinha, and Rupesh Kumar co-founded FPL Technologies in 2015
Its app, OneScore, has actually accumulated over 2 million users. Ratings of companies in India use users with the ability to find their credit report at no charge. However in return, they offer their consumers’ information to other celebrations, which sets off a chain of events that ends up these users getting more than a lots calls monthly from companies– usually their middlemen partners– that deal charge card and loans.
OneScore does not share its users’ information with anyone. Why it chooses not to do that describes what this start-up is attempting to attain: Make customers’ experience with their credit card more delightful– a concept that is almost unheard of for the majority of credit card holders in India.
The startup has actually developed an innovation stack that makes common sense functions such as openness on deals, the due date to pay the credit card expense, and rewards more quickly available.
“Their powerful, exclusive in-house tech-stack will specify the future of digital customer credit in India and this conviction has actually caused Sequoia India increasing its commitment in FPL,” stated Shailesh Lakhani, Handling Director at Sequoia Capital India, in a declaration.
The OneCard likewise does not charge customers any joining fee or annual cost. It allows consumers to control the benefits they wish to obtain. If your costs largely involves buying and buying gizmos coffee online, you can set your OneCard to get 5X benefits on those 2 classifications.
These categories are controlled by the customers and can be changed by changing a toggle on the mobile app. The app also lets users rapidly lock their card, disable online or offline deals with a few taps, and supports contact-less payment– a feature that has actually acquired more appeal in the middle of the worldwide pandemic. Mentioning which, Sinha stated customers’ spendings are almost back to the pre-coronavirus days.
FPL Technologies prepares to use the fresh capital to bring its charge card to more users, said Sinha, and also expand its product offerings.
One product that he is checking out is making it possible for users to track all their memberships. Once that is live, the startup will deal with producing packages for some of these services that helps users conserve money. He is confident that several companies, aiming to strongly expand into India, will be interested in it.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.