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July 14, 2022

India’s FPL Technologies joins unicorn club after $102m funding

FPL Technologies, which operates mobile-first credit card startup OneCard, has secured more than $102m in a Series D financing round led by Singapore-based Temasek Holdings.

The funding round values the firm at more than $1.4bn, reported MoneyControl.

Matrix Partners, QED Investors, Hummingbird Ventures, Sequoia Capital, and Sarv Investments participated in the round which saw approximately $48m investment from Temasek through MacRitchie Investments.

Following the round, the promoters are expected to hold a 29.99% stake in the start-up.

In January this year, FPL Technologies raised $75m in a Series C financing round at a valuation of $750m. QED Investors led the financing.

In 2019, the firm raked in $4.5m in its maiden round of funding from Matrix Partners India and Sequoia Indi.

Founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in 2019, FPL’s OneCard competes with the likes of Indiabulls Dhani, Slice, Uni, and PayU’s LazyPay.

The startup provides co-branded virtual and physical credit cards in partnership with banks, including Federal Bank, South Indian Bank, IDFC Bank, Bank of Baroda’s BOB Financial Solutions, and State Bank of Mauritius.

It only issues credit cards to customers with credit history and a good score. It also offers a credit score tracking and management app called OneScore.

Last week, the Reserve Bank of India (RBI) reportedly granted in-principal approval for payment aggregator licence to Pine Labs, Razorpay and Stripe.

Last month, a report by Financial Express said that India-based online payments gateway service provider Cashfree Payments is seeking to raise fresh funds, two years after its last funding round.

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