FPL Technologies on Tuesday said it has raised $10 million (about ₹74.6 crore) in funding from Sequoia India, Matrix Partners India and Hummingbird Ventures.
A number of angel investors also participated in the series A round, the company said in a statement.
The latest investment brings FPL Technologies’ total funding since launch to approximately $15 million, it added.
The funding will help the company rapidly scale up its engineering and product teams to develop and grow the issuance of ‘OneCard’ to more customers, it said.
The company has launched its mobile-first credit card, OneCard, that is built by FPL on a full-stack proprietary technology platform in India.
A VISA Signature metal credit card is issued in partnership with a banking partner.
OneCard is currently available across 12 cities in India, inclusive of Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Ahmedabad, Surat, Vadodara, Indore, Jaipur and Kolkata, the statement said, adding that plans for further geographic expansion are underway.
“We are absolutely convinced about the potential of the Indian credit card market on the back of massive growth of card acceptance, consumer adoption towards digital payments and availability of a large base of risk-scored customers in bureaus,” FPL Technologies co-founder and CEO Anurag Sinha said.