Pune's fintech startup FPL Technologies valuation jumps to $750 million

FPL Technologies, a Pune-based 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.

The fresh equity is raised at a post-money valuation of $750 million.

The current funding comes 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 and expand its consumer base aggressively.

“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 and chief executive officer (CEO) of FPL Technologies.

“But alongside that comes the responsibility of educating these customers and making them a credit aware community too,” he added.

In February 2019, FPL Technologies set out with a vision to build a community of credit aware customers through simple, transparent education and giving them access to digitally-enabled credit consumption products and experiences.

They first launched OneScore - a no-spam, digital credit score platform offering free credit score checks and personalised insights with which customers can monitor and manage their credit health in a simple, secure manner.