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Fintech startup FPL Technologies raises $4.5 mn led by Matrix Partners India, Sequoia India

Indian fintech FPL Technologies has raised $4.5 million in a funding round led by Matrix Partners India and Sequoia India, along with a few angel investors.

The Pune-based startup plans to launch its first product – a mobile credit card, in partnership with a bank. It aims to replace the current manual card processes with a mobile app, eventually giving more control to the end-users.

“We believe existing credit products need to be more digital, flexible, transparent, ubiquitous and fair priced to end-consumers to build scale,” said Anurag Sinha, co-founder and CEO, FPL Technologies.

“From the process of researching for a product to acquiring it, using it on a day to day basis and finally handling exceptions, we have set out to re-imagine every aspect from first principles using modern technology,” Sinha added.

FPL has recently launched OneScore, an app to monitor credit score simply and securely. The app does not require any permissions and does not promote any offers or advertisements on its interface. It has already added over 100,000 users in two months, the company said.

“In a market as crowded as the financial services space with a plethora of services and products to choose from, First Principles Labs (FPL) breaks through the clutter with a simplified and streamlined approach to rebuild the credit and payments platform with a unique model that leverages tech and over-weighs on data security,” said Rajat Agarwal, Director, Matrix Partners India.

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