FPL Tech raises $4.5 million from Matrix, Sequoia

BENGALURU: First Principles Labs Technologies has raised $4.5 million (Rs 32 crore) from Matrix Partners India and Sequoia India, in its first round of funding. The startup, which has already launched OneScore App for credit tracking, will also look to offer credit cards to consumers in partnership with banks.

“We believe there are another 60-65 million customers who have a good credit score who have taken loans and repaid in the past, but do not have a credit card; we can cater to that market,” said Anurag Sinha, CEO, FPL Tech, who earlier co-founded digital lending platform Walnut, which was acquired by Capital Float last year.

India has around 50 million credit cards, and as per industry estimates, there are 25 million unique credit cards users. There are more than 300 million consumers whose credit scores are parked with credit bureaus like CIBIL and Experian, which is a potential market for FPL Technologies. The credit card market has seen heightened interest among major players like Paytm, Flipkart, Ola among others, who have introduced their own credit cards in partnership with banks.