FPL Technologies, a fintech startup focused on re-imagining credit and payments in India today announced its partnership with Visa to launch a mobile-first credit card in India. FPL will issue credit cards in partnership with banks and leverage Visa’s brand, technology and global acceptance footprint to make its credit card available for a wide range of use cases. The company recently raised US $4.5M from Matrix Partners, Sequoia Capital and other reputed angel investors.
FPL 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 demonetisation 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.
FPL has created a proprietary full-stack technology platform to deliver a nex-gen credit card experience to its customers. Customers can use an intuitive mobile app along with their credit cards to manage every aspect of their credit life cycle. FPL launched the OneScore app in July this year to help customers understand and manage their credit score and behavior in a simple and secure way. The app has already acquired more than 400,000 users in the last 4 months.
“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,” said Anurag Sinha, Co-founder & CEO FPL Technologies.
T.R. Ramachandran, Group Country Manager, India and South Asia, Visa, said, “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.”