Indian fintech startup FPL Technologies has reportedly received Series A financing of $10m to scale its recently launched mobile-based credit card product dubbed OneCard.
The round was led by Matrix India and Sequoia, who were joined by Hummingbird Ventures and a few angel investors.
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OneCard, which can be purchased through the fintech’s proprietary credit scoring platform OneScore, allows customers to avoid physical contact with card agents and follow social distancing.
According to reports, the product is a VISA Signature metal credit card issued in partnership with DFC First Bank.
Card members will able to control various features of the OneCard, such as locking their card, enabling online or offline transactions, or paying the credit card bill, through the mobile app.
Furthermore, they will receive 5X points on the top two spend categories each month under the reward programme called OneRewards. These points are credited and can be redeemed instantly in OneCard app, without any redemption fee.
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By GlobalDataFPL Technologies CEO and co-founder Anurag Sinha told Economic Times: “We will use the new capital to grow our team, scale the issuance of OneCard and also build new consumer and merchant experiences on the product.”
Reportedly, FLP is also in discussions with two other banks to expand the partnership on the issuance.
The company is said to have issued around 5,000 credit cards, since its launch in June, for pre-existing customers on OneScore.
OnCard was slated for an earlier launch, which was postponed by the company in the wake of the Covid-19 pandemic.
