Matrix, Sequoia lead FPL's $10 million Series-A round

MUMBAI: Pune-based fintech startup FPL Technologies has raised $10 million in Series-A funding, led by Matrix India and Sequoia Capital. Hummingbird Ventures and a few angel investors also participated in the round.

The company will use the funds to expand its recently launched mobile-based credit card product - OneCard, CEO Anurag Sinha told ET. FPL issues OneCard in partnership with IDFC First Bank.

"We will use the new capital to grow our team, scale the issuance of OneCard and build new consumer and merchant experiences," said Sinha.