Matrix Partners India, Sequoia India and a number of angel investors, has infused $4.5 million (approx INR 32 crore) in fintech startup FPL Technologies.
The startup will soon be launching its first product ‘a mobile credit card’, in partnership with a bank. The team aims to replace the current manual card process with an intuitive mobile app, giving the control to the consumers.
Anurag Sinha, Co-founder and CEO, FPL Technologies, said, “We believe existing credit products need to be more digital, flexible, transparent, ubiquitous and fair priced to end-consumers to build scale. 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.”
FPL Technologies was founded by Anurag Sinha, Vibhav Hathi, and Rupesh Kumar. The platform helps the consumer improve their score through machine learning based score planning features. It claims to have over 100,000 users in two months.
Rajat Agarwal, Director, Matrix Partners India 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.”
The company believes that the consumption of credit linked to overall consumption expenditure in India will grow exponentially in the next decade.
Shailesh Lakhani, Managing Director, Sequoia Capital India LLC, said, “When they presented a plan to modernise credit cards in India it immediately resonated with the Sequoia India team. It’s a delight to partner with them as they work on developing more flexible, affordable and easier to use financial products for Indian consumers.”