First Principles Labs Technologies has raised USD 4.5 million (Rs 32 crore) from Matrix Partners India and Sequoia India, in its first round of funding.
The startup has launched OneScore App for credit tracking two months back. First Principles Lab will also look to offer credit cards to consumers in partnership with banks.
“We believe there are another 60-65 million customers who have a good credit score who have taken loans and repaid in the past, but do not have a credit card; we can cater to that market,” said Anurag Sinha, cofounder and CEO told Economic Times.
Paytm, Flipkart, Ola have introduced credit cards in partnership with banks.
“In India, the regulator does not allow credit cards to be issued independently by non-banks, hence we are in the final stages of stitching a partnership with a major bank,” Sinha said.