FPL Technologies Partners with Visa to Launch Mobile-First Credit Cards
CEO Insights team
FPL, which is on a mission to re-imagine credit and payments from first principles, has raised $ 4.5000000 from Matrix Partners, Sequoia Capital and reputed angel investors. The company has also launched its OneScore app earlier this year to help people monitor their credit score in a simple, secure way without any spam. This app has already acquired more than 400,000 users in the last 4 months.
The company believes that consumption credit presents a very large opportunity in India and the credit card is the best product to offer consumption credit to India’s growing younger population. Card acceptance has trebled in the last three years after demonetization and every category is getting digitized. Like the overall growth in adoption of digital payments, the adoption of credit cards too has grown, both in terms of card issuance and spends. However, the experience of using a credit card has not evolved to serve the digitally savvy young millennials. Addressing the issue, FPL has created a proprietary full-stack technology platform to deliver a
We strongly believe Fintechs will play an important role in expanding the credit card market by innovating on propositions and leveraging technology to provide best-in-class user experience
next-gen credit card experience to its customers, enabling them to use an intuitive mobile app along with their credit cards to manage every aspect of their credit life cycle.
“We believe existing credit cards need to be more digital, flexible, transparent, and personalized
to end-consumers to build scale. From the process of researching for a product, 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,” avers Anurag Sinha, Co-founder &
CEO, FPL Technologies.
Commenting on the partnership, T.R. Ramachandran, Group Country Manager, India & South Asia, Visa, says, “At Visa, we strongly believe Fintechs will play an important role in expanding the credit card market by innovating on propositions and leveraging technology to provide best-in-class user experience. We are delighted to partner with FPL to bring to the market a mobile-first credit card that is designed keeping the millennial consumer in mind.” “With India being home to the world’s largest population of millennials, estimated to spend $330 billion annually by 2020, this presents a massive opportunity for solutions that address the consumption behaviour of the segment like the one FPL has created,” he concludes.