Funding is predicted to worth FPL Tech at about $ 1.four billion, individuals conversant in the fundraising talks instructed ET on situation of anonymity.
That is virtually double the $ 750 million valuation when it final raised $ 75 million as a part of the C-Sequence funding spherical in January.
At a rare basic assembly held on July 11, the corporate’s board of administrators adopted a choice to subject 10 capital shares and a pair of,688,891 cumulative, non-reimbursable, necessary and totally convertible Sequence D most well-liked shares, every at a premium of Rs 29,813.62 per share.
The ultimate spherical is predicted to shut on the finish of this month, sources stated.
Temasek in Singapore, by MacRitchie Investments, leads the spherical and has invested about Rs 375 million ($ 46.9 million) within the firm, in line with the recordsdata.
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Current traders Sequoia Capital, Matrix Companions, Hummingbird Ventures and QED Buyers additionally participated within the financing spherical.
The Entrackr information web site was the primary to report developments on Wednesday.
The Reserve Financial institution of India (RBI) sought to actively regulate the area and issued issuance and conduct directions for debit, credit score and co-branded playing cards in April.
Based in 2019, FPL Applied sciences operates the digital credit score scoring platform, OneScore, and has a complete of 10 million registered customers utilizing the answer. Its key provide contains the bodily and digital bank card, OneCard, which it points in partnership with banks.
It launched OneCard in June 2020.
The startup has partnered
SBM India in addition to Financial institution and is wanting so as to add 4 banking companions within the coming months.
As of January, FPL Applied sciences had 250,000 OneCard prospects and facilitated spending of just about Rs 450 million monthly on its person base. He had plans to scale back emissions to at least one million playing cards by October.
Not like different “purchase now, pay later” (BNPL) card issuers, corresponding to Uni, Slice and LazyPay, FPL Applied sciences works straight with banks to subject these playing cards and pay for widespread branded bank cards, as a substitute of working with non-bank monetary corporations (NBFCs).
