FPL Technologies, a fintech startup 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. The fresh equity was raised at a post-money valuation of $750 million.
FPL Technologies, founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, plans to accelerate expansion and scale up its product teams to grow the issuance of OneCard.
With the current funding, the startup has raised approximately $125 million till now. The fresh funding comes 10 months after the company’s Series B funding of $35 million.
“The growing customer inclination towards digital and contactless payments in our country has presented a promising opportunity to introduce mobile-first credit consumption products,” said Anurag Sinha, co-founder & CEO, FPL Technologies.
FPL’s OneCard is an exclusive mobile-first, metal credit card launched in June 2020 in partnership with banks such as Federal Bank, South Indian Bank, SBM and BFSL.