Singapore based global investment company Temasek Holdings is in talks with FPL Technologies, the startup that operates OneCard for an investment of $100 million
According to the reports FPL is in talks with various new and existing global investors to raise funding and double its valuation to about 1.5 billion. Commenting on the news, Anurag Sinha, Co-founder and CEO, of FPL Technologies “We don’t chase the unicorn status, we are focused on execution. It might happen but we don’t have any target in mind. We are a three-year-old company and we want to scale. Most of our investors are long term investors like QED, Sequoia, Matrix. We keep in talks with the existing investors, we have to ensure that they understand us well”
Last month the Pune-based startup had announced its Series C funding round where it raised $75 million. The funding was led by QED investors along with Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures. Talking about the investments, Sinha said, “Most of the funding we have raised goes into expanding teams for building new products,”
OneCard which operates a mobile-first credit card, joined the unicorn club last year. Customers have more control and flexibility over how and where they transact with the cards, as they have no joining or annual fees. In addition, customers can take advantage of a range of personalized rewards and loans. According to OneCard, they currently have a customer base of 250,000 in the country.
“For us, customer experience is key to gain market share. The tie-ups with multiple banks are needed as different banks have different risk appetites. Depending on this, some customers might not be acceptable to a certain bank but might fit the criteria of the other,” said Sinha.
Additionally, FPL Technologies offers an app called OneScore. Users can use this app to find and understand their credit scores. The app is arguably OneCard’s most important customer acquisition channel. The company is planning to expand by building features and adding offerings on the consumer credit side that will scale faster.
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