One Card secures $25.5 million from QED Investors, BTV, Peak XV Partners and Z47
FPL Technologies, which runs credit card issuance and digital payments platform One Card, has secured around $25.5 million in a fresh funding round led by QED Investors. Peak XV Partners, Z47 (previously Matrix Partners India) and Better Tomorrow Ventures also participated in the round.
Armed with the fresh funds, FPL Technologies said it will strengthen its technology infrastructure and invest in the development of new products by collaborating closely with regulated entities like banks.
FPL Technologies, which was founded in 2019 by former senior ICICI Bank executives Anurag Sinha, Vibhav Hathi and Rupesh Kumar, has raised $262 million in equity funding over multiple funding rounds. The startup was last valued at around $1.3 billion.
“With this funding, we are focused on scaling our offerings and deepening our partnerships as we work towards reshaping how credit is delivered and experienced and creating a deeper impact in the financial ecosystem by driving greater inclusion and accessibility,” Anurag Sinha, cofounder, FPL Technologies, said in a statement to ET.
ET had written on November 25 that One Card was in the process of raising around $25 million in funding. According to its filings with the ministry of corporate affairs, Rs 71.4 crore has already been secured by the company. Better Tomorrow Ventures has pumped in Rs 42 crore, Peak XV has invested Rs 8.4 crore and Z47 has invested around Rs 21 crore into the company.
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