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Temasek in talks to lead FPL Technologies’ new financing round

Temasek in talks to lead FPL Technologies’ new financing round
Temasek in talks to lead FPL Technologies’ new financing round

Indian fintech startup, FPL Technologies, is reportedly in advanced stages of talks with Singapore-based investment firm, Temasek, for the latter to lead the startup’s new funding round, according to sources familiar with the matter.

The startup, which operates mobile-first credit card OneCard, is looking to double its valuation and reach $1.5 billion with the new round, with sources stating the size of the financing round will be more than $100 million.

While both firms have not yet commented on the matter, reports have claimed that the negotiations are still ongoing.

The new round follows the startup’s previous $75 million Series C funding led by the QED Group, which valued OneCard at around $750 million.

Headquartered in Pune, India, and founded by banking veterans, OneCard credit cards come with no joining or annual fee and provides more control and flexibility to customers with respect to where and how they transact, while also offering a range of loans options and personalized rewards to them.

FPL Technologies also launched an app in 2019, called OneScore, with which users can find and understand their credit score, and has become one of the biggest drivers of customer acquisition for the credit card business.

Anurag Sinha, co-founder and CEO, FPL Technologies, stated last month that around 80 million to 90 million Indians are estimated to be eligible for owning a credit card.

Currently, there are 30 million Indians who have a credit card, more or less, even though there are approximately one billion bank accounts in the South Asian market.

The startup stated that it has gained more than 250,000 customers that are using OneCard and spending almost $60 million monthly with its credit cards, which it issues in partnerships with banks such as South Indian Bank, Federal Bank, SBM India, and IDFC Bank.

Many Indian credit card startups, like Slice, Uni, as well as OneCard, are looking to bring credit card features to more customers in the country, with Slice having entered the unicorn club in November last year.

Source credit: https://techcrunch.com/2022/02/28/temasek-onecard-fpl/

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.