Indian fintech startup FPL Technologies has secured $75m in a Series C investment round led by existing backer QED Investors.
Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures also joined the round, which values the firm at $750m.
FPL Technologies co-founder and CEO Anurag Sinha told Moneycontrol that the fintech is in talks with investors for more infusion.
Sinha said: “The market is growing really fast and we will keep looking for the right investors who understand this space well. The market opportunity in the credit space is very large which is driving investments.”
FPL Technologies will use the proceeds to increase its user base, build its team and expand across the country.
The digital lending startup has two products, OneCard and OneScore.
OneCard is a Visa credit card, which has been issued to over 250,000 customers in partnership with several lenders such as IDFC First Bank, SMB Bank, Federal Bank, among others.
OneScore is a platform that helps customers in monitoring and managing their credit health by offering them free credit score checks and personalised insights.
Currently, 10 million customers use OneScore, which was FPL Technologies’ first offering.
Sinha founded FPL Technologies in 2019 with Rupesh Kumar, and Vibhav Hathi. Slice, Uni, LazyPay and Indiabulls Dhani are among its competitors.
Its focus is on customers with existing credit history.
At a time when BNPL and digital lending are gaining popularity, Sinha feels there is a market opportunity for credit cards as well because only 34 million Indians have credit cards.
“We believe that there are around 90 million people eligible for a credit card. There is a large market for all players,” Sinha was quoted by Moneycontrol as saying.