INSUBCONTINENT EXCLUSIVE:
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 from Matrix Partners India, Sequoia
Capital India and others in its maiden financing round.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.Vibhav, Anurag, Rupesh, co-founders of FPL Technologies,
pose for a pictureMuch 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 to address a wide range of pain points of
credit card holders, such as in-person meeting or telephonic interaction with bank representatives for getting a credit card, having to talk
people, aims to build the mobile credit card service in the next couple of months, but in the meantime, it is offering an app called
OneScore to help users check their credit score and learn how to improve it
ago and has already amassed more than 100,000 users, Sinha said
and incentivize users to become more responsible with how they engage with it
Bangalore-based SlicePay offers a payment card with a pre-approved credit line for students, gig-workers, freelancers and startup employees
