Founded by banking veterans in 2019 and headquartered in Pune, FPL Technologies operates the OneCard mobile-first credit card product via partnerships with banks and offers personalized rewards and loan products. Its cards carry no joining or annual fees and emphasize customer control and flexibility over transactions. The company also runs OneScore, an app it says is one of its largest customer-acquisition channels. OneCard reported having amassed over 250,000 customers who collectively spend about $60 million per month on its cards. To date fundraising exceeds $225 million, and the business faces both growth opportunities from a large underserved market and competitive/regulatory pressures related to UPI integration and central-bank guidance on co-branding roles. FPL Technologies builds a mobile-first credit card product (OneCard) paired with a consumer app (OneScore) to improve users' experience with credit cards. OneCard is a metal, Visa-certified credit card with features such as transaction transparency, bill due-date visibility, toggled reward categories, quick card locking, disabling online/offline transactions, and contactless payments. OneScore has amassed over 2 million users; more than 5,000 people are currently using OneCard and over 75,000 are on a waiting list. The company emphasizes user privacy and does not share users' data with third parties. OneCard charges no joining or annual fee and lets customers control the rewards categories they wish to avail. FPL plans to use new capital to scale OneCard to more users and expand its product suite, including a subscription-tracking feature and bundled services to help users save money. FPL Technologies is an eight-month-old, Pune-based startup building a full-stack solution to reimagine how people in India get and engage with credit cards. Its near-term plan is to launch a mobile credit card service in the next couple of months while currently offering an app called OneScore to help users check and improve their credit score. OneScore was launched two months ago and has amassed more than 100,000 users; the company says it does not sell customer data to third-party agencies. The startup employs about 20 people. FPL raised $4.5 million in its maiden financing from Matrix Partners India, Sequoia Capital India and others. CEO and co-founder Anurag Sinha said the company aims to address cardholder pain points including onboarding, support interactions, and masking card identity for online shopping.

Total raised

$115M

Funding rounds

3

Latest round

Series D

Latest activity

Jul 2022