Digital financial company, FPL Technologies has received financial backing from two investment companies. The fintech company has received funding in less than a year.
The company has raised $4.5 million from Matrix Partners, Sequoia Capital India and others in its maiden financing round, FPL Technologies told the daily news, Techcrunch.
The startup aims to build a full-stack solution to reimagine how people in India get their first credit card and engage with it, Co-founder and CEO of FPL Technologies, Anurag Sinha.
The fin-tech startup, which has a workforce of 20 people, plans to construct mobile credit card services in the offing. Currently, the company is rendering an application named OneScore to facilitate Indian users in ascertaining their credit score and further, know how to increase their score. The company asserts that it does not sell customer data to any third-party.
The app was launched two months ago and has already amassed more than 100,000 users, Sinha told the daily news.
These users would get first dibs on the startups mobile credit card, Sinha said.
When they presented a plan to modernize credit cards in India it immediately resonated with the Sequoia India team. It is a delight to partner with them as they work on developing more flexible, affordable and easier to use financial products for Indian consumers, the daily news reported citing Sequoia Capitals statement.