FPL Technologies, an India-headquartered startup that offers credit cards to customers through its fintech firm OneCard, is raising $28.5 million in a bridge round from a host of investors.
According to media reports doing the rounds, US-based venture capital (VC) firm Better Tomorrow Ventures is understood to be joining its cap table as a new investor, while its existing backers Peak XV and Z47 (erstwhile Matrix Partners) are expected to top up.
According to filings available with Ministry of Corporate Affairs, the transaction has pegged the valuation of the company at $1.4 billion. It last raised over $100 million in 2022, a round led by Singapore state investor Temasek that made the startup enter the unicorn club. Other investors who participated in the round featured prominent names such as QED, Sequoia Capital India (now Peak XV), and Hummingbird Ventures.
Founded in 2019, OneCard offers a slew of co-branded credit cards through its tie-ups with banks such as IDFC First Bank, Federal Bank, and SBM Bank. It allows users to manage credit cards seamlessly through its app, thereby integrating functions such as transactions, rewards, offers, credit on UPI, etc.
Last year, in September, the fintech firm made headlines when it announced a partnership with Indian Bank to empower users with full digital control over their credit card interactions.