FPL Technologies raises USD 10 Million with the assistance of SAM & Co.
FPL Technologies raises USD 10 Million with the assistance of SAM & CoFintech startup First Principles Labs (FPL) Technologies has scored $10 million in a Series A funding round led by its existing backers — Matrix Partners and Sequoia Capital India and Hummingbird Ventures along with a few angel investors who also joined the round.FPL has also announced the launch of its...
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FPL Technologies raises USD 10 Million with the assistance of SAM & Co
Fintech startup First Principles Labs (FPL) Technologies has scored $10 million in a Series A funding round led by its existing backers — Matrix Partners and Sequoia Capital India and Hummingbird Ventures along with a few angel investors who also joined the round.
FPL has also announced the launch of its mobile-first credit card One Card. The funding will help the startup scale its product and engineering teams and increase the One Card user base. According to the company, One Card, a mobile-first credit card is available across 12 cities including Mumbai, Delhi, NCR, and Bengaluru.
FPL offers first-time credit card users a virtual, cellphone-based card to build a credit score. The platform's One Score app, having over two million users, helps consumers check and monitor their credit score and credit report on a monthly basis.
Shardul Amarchand Mangaldas & Co (SAM & Co) advised FPL Technologies Private Limited to raise the investments. The investments included issuing of equity shares/ compulsorily convertible preference shares.
The deal is valued at approximately USD 10 million.
The Transaction team was led by Sugandha Asthana, Partner; Khushboo Sukhwani, Associate; Ila Vyas, Associate; Nezhat Fouzdar, Paralegal.
Rajaram Legal advised Matrix India Partners and Sequoia Capital India and Hummingbird Ventures were advised by Algo Legal.
