8-month-old startup FPL Technologies raises $4.5M to improve credit card experience in India
An eight-month-old startup in India that wants to improve the user experience of credit card holders in the nation has received the backing of at least two major investors.
Pune-based FPL Technologies said Thursday it has raised $4.5 million in its maiden financing round from Matrix Partners India, Sequoia Capital India, and others.
In an interview with TechCrunch earlier this week, Anurag Sinha, co-founder and CEO of FPL Technologies, said the startup aims to build a full stack solution to reimagine how people in India get their first credit card and engage with it.
Even as hundreds of millions of people in India today are securing loans from organized financial lenders, most of them are unable to get a credit card. Fewer than 25 million people in the country today have a credit card, according to industry estimates. And even those who have a credit card are not exactly pleased with the experience.
Much of the blame goes to banks and other credit card issuing firms that are largely relying on archaic technology to operate their plastic card business.
Sinha, an industry veteran, said through his startup, he aims
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