Pune-headquartered FPL Technologies, which operates credit card issuance and virtual payments platform One Card, has reportedly acquired about $25.5 million in new funding via an investment round that was led by QED Investors.
Peak XV Partners, Z47 (formerly known as Matrix Partners India) and Better Tomorrow Ventures also took part in the funding round.
With the proceeds from this latest round, FPL Technologies stated that it would enhance its tech infrastructure and invest in the development of various products by working cooperatively with banking institutions.
Founded back in 2019, FPL Technologies has reportedly raised $262 million in equity funding overall. The business has been valued at around $1.9 billion.
Since its inception, FPL Technologies has aimed to leverage complex technology in order to create “simple, seamless” credit consumption platforms for the tech-savvy customer.
This has led to the inception of their brand OneCard.
At their core, they’re all about empowering their customers to make smart and informed credit decisions.
They do this by ensuring full transparency to their customers and educating them at every stage of their credit journey.
They believe that path-breaking tech products and experiences are “a result of insight-driven building, over which we have full control.”
And so, they build “in-house”. Everything at FPL Tech is “self-owned and self-managed, with an integrated tech stack.”
They claim to have the support of their banking partners: BOB Financial, Federal Bank, SBM Bank, South Indian Bank, and some of the industry’s top investors such as Hummingbird Ventures, Matrix Partners, QED Investors, Sarv Investments, Sequoia Capital, and Temasek.
It’s worth noting that India has emerged as one of the world’s fastest growing economies with a large IT sector. The nation’s financial services industry is also evolving rapidly and is expected to become one of the world’s largest in the coming decade. By 2030, India is projected to become one of the leading economies worldwide in terms of business development and overall GDP.