FPL Technologies News: FPL Technologies will be the latest fintech unicorn
The funding is expected to value FPL Tech at around $ 1.4 billion, said people who are aware of the fundraising talks for ET on condition of anonymity.
This is almost double the valuation of $ 750 million when it last raised $ 75 million as part of its Series C funding round in January.
At an extraordinary general meeting held on 11 July, the company’s board resolved to issue 10 shares and 2,68891 cumulative, non-redeemable, mandatory and fully convertible preference shares of series D, each at a premium of Rs 29,813.62 per share.
The final round is expected to end later this month, sources said.
Singapore’s Temasek, through MacRitchie Investments, is leading the round and has invested around Rs 375 crore ($ 46.9 million) in the company, according to the registrations.
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Existing investors Sequoia Capital, Matrix Partners, Hummingbird Ventures and QED Investors also participated in the financing round.
The news website Entrackr was the first to report on the development on Wednesday.
The Reserve Bank of India (RBI) has been out to actively regulate the space and issued issuance and implementation instructions for debit, credit and co-branded cards in April.
FPL Technologies was founded in 2019, and operates a digital credit score platform, OneScore, and has a total of 10 million registered users who use the solution. The key offer includes a physical and virtual credit card, OneCard, which it issues in collaboration with banks.
It launched OneCard in June 2020.
The start-up has entered into a partnership with
SBM India as well as Bank and is looking to add four banking partners in the coming months.
As of January, FPL Technologies had 250,000 OneCard customers, facilitating nearly $ 450 million in monthly expenses across the user base. It had plans to scale issues to one million cards by October.
Unlike several other “buy now, pay later” (BNPL) card issuers such as Uni, Slice and LazyPay, FPL Technologies works directly with banks to issue these cards and pay out branded credit cards, instead of collaborating with financial companies such as are not banks (NBFCs).
