A 20-month-old startup in India based by a gaggle of banking veterans that has constructed a mobile-first bank card and is enhancing the expertise customers have with bank cards has secured $10 million in a brand new financing spherical.
Pune-based FPL Technologies’ $10 million Series A financing spherical was funded by Matrix Partners India, Sequoia Capital India and Hummingbird Ventures, Anurag Sinha, co-founder and chief govt of the startup, mentioned in an interview with TechCrunch.
We wrote about FPL Technologies final 12 months when the startup had closed a $4.5 million Seed financing spherical. At the time, the startup had developed an app referred to as OneRating that was serving to individuals discover and perceive their credit score rating.
At the time, Sinha had mentioned that FPL Technologies was engaged on a bank card. In June this 12 months, the startup launched its bank card, referred to as OneCard.
More than 5,000 individuals throughout the nation are at the moment utilizing this metal-made bank card, which has been licensed by Visa and numerous safety companies, and over 75,000 persons are on a ready checklist to get it.
Its app, OneRating, has amassed over 2 million customers. Scores of companies in India supply customers with the flexibility to search out their credit score rating at no cost. But in return, they promote their clients’ information to different events, which units off a series of occasions that finally ends up these customers getting greater than a dozen calls every month from companies — often their middlemen companions — that supply bank cards and loans.
OneRating doesn’t share its customers’ information with anybody. Why it chooses not to try this explains what this startup is making an attempt to attain: Make clients’ expertise with their bank card extra pleasant — an idea that’s virtually unparalleled for many bank card holders in India.
The startup has constructed a know-how stack that makes frequent sense options akin to transparency on transactions, the due date to pay the bank card invoice, and rewards extra simply accessible.
“Their highly effective, proprietary in-house tech-stack will outline the way forward for digital shopper credit score in India and this conviction has led to Sequoia India growing its dedication in FPL,” mentioned Shailesh Lakhani, Managing Director at Sequoia Capital India, in a press release.
The OneCard additionally doesn’t cost clients any becoming a member of charge or annual charge. It permits clients to manage the rewards they want to avail. For occasion, in case your spendings largely entails buying devices and ordering espresso on-line, you possibly can set your OneCard to get 5X rewards on these two classes.
These classes are managed by the purchasers and may be modified by switching a toggle on the cell app. The app additionally lets customers shortly lock their card, disable on-line or offline transactions with just a few faucets, and helps contact-less fee — a characteristic that has gained extra recognition amid the worldwide pandemic. Speaking of which, Sinha mentioned clients’ spendings are practically again to the pre-coronavirus days.
FPL Technologies plans to make use of the recent capital to deliver its bank card to extra customers, mentioned Sinha, and in addition broaden its product choices.
One product that he’s exploring is making it potential for customers to trace all their subscriptions. Once that’s stay, the startup will work on creating bundles for a few of these companies that helps customers lower your expenses. He is hopeful that a number of firms, trying to aggressively broaden into India, can be curious about it.