The funding is expected to value FPL Tech at approximately $1.4 billion, people familiar with the fundraising talks told ET on condition of anonymity.
That’s nearly double the $750 million valuation when it last raised $75 million in its Series C funding round in January.
At an Extraordinary General Meeting held on July 11, the Company’s Board of Directors passed a resolution to issue 10 shares and 2,68,891 cumulative, non-redeemable, compulsorily and fully convertible Series D Preferred Shares, each with a premium of 29,813.62 rupees per share.
The final round is expected to wrap up later this month, the sources said.
Singapore’s Temasek, through MacRitchie Investments, is leading the round and has invested around 375 crore rupees ($46.9 million) in the company, according to filings.
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Existing investors Sequoia Capital, Matrix Partners, Hummingbird Ventures and QED Investors also participated in the funding round.
The Entrackr news site was first to report the development on Wednesday.
The Reserve Bank of India (RBI) has sought to actively regulate the space and issued issuance and conduct guidelines for debit, credit and co-branded cards in April.
Founded in 2019, FPL Technologies operates the digital credit scoring platform, OneScore, and has a total of 10 million registered users using the solution. Its key offering includes a physical and virtual credit card, OneCard, which it issues in partnership with banks.
It launched OneCard in June 2020.
The startup has partnered with
SBM India as well as Bank and is looking to add four banking partners in the coming months.
In January, FPL Technologies had 250,000 OneCard customers and facilitated nearly Rs 450 crore in monthly spend on its user base. He planned to increase issuance to one million cards by October.
Unlike several other buy now, pay later (BNPL) card issuers such as Uni, Slice and LazyPay, FPL Technologies works directly with banks to issue these cards and disburse co-branded credit cards, instead of working with non-bank financial companies (NBFC).