India is the world’s fifth largest economy, with a nominal GDP of over $3 Trillion. However, credit cards and the larger credit system in India is ye to to come even close to its actual potential. A startup-FPL technologies aims to open up credit opportunities for Indians by making the process more user friendly, and has raised $10 million in a Series A financing round for the same.
The amount was raised from a variety of sources, including Matrix Partners India, Sequoia Capital India and Hummingbird Ventures. Using this capital, the startup aims to make its newest offering — the OneCard, a household name.
The company started with a mobile app dubbed OneScore, which allowed users to check their credit scores without any of the hassle that come along with the process. While many apps offer this functionality, the problem is that these platforms distribute the data of their users to 3rd parties in exchange for the service. Thus, you might become aware of your credit score, but using an app to check your credit score for ‘free’ might end up costing you more in the future. Users usually end up receiving dozens of calls in a month to buy credit cards from various companies.
However, OneScore does not share its users’ data with anyone. The reason? FPL technologies wants to make their customers’ experience with credit cards ‘delightful.’ Moreover, the startup also provides features like transparent transactions, reminders to pay the credit card bill by the due date and choosing the rewards you want to choose.
Now, the company is planning to introduce a new credit card to the market- OneCard. Building upon the same idea as OneScore, this card will also not share any customer data. Moreover, it will not even charge any joining fee or annual fee to its customers. However, the best part is probably the flexibility which comes with this card. To explain, suppose that you spend most of your income on gadgets, you can choose to get 5X rewards on the category.
This selection can be made by using the app, which will allow you to change it with a single touch. Moreover, the app will allow users to lock their card, disable online or offline transactions with a few taps, and supports contact-less payment.
More than 5000 people are already using the card, which has the Visa stamp of approval. 75,000 more are on the waiting list.