FPL Technologies Revolutionizes Credit with First Principles: The OneScore and OneCard Journey

In the global fintech landscape, credit card technology stacks are often fossils from the 1990s, built in the US and retrofitted for international markets. This legacy infrastructure frequently ignores the unique socio-economic nuances of a young, mobile-first nation like India. While banks are masters of robust back-end systems, the dynamic front-end experience required by aspirational Indians was a missing piece of the puzzle.

Enter Anurag Sinha, Co-founder and CEO of FPL Technologies (First Principle Labs). An ex-banker who saw the retail banking boom from the inside, Sinha decided to step out and rebuild credit from scratch. By applying "first-principles thinking," he launched OneScore to democratize credit education and OneCard to provide a high-touch, mobile-only credit experience. Today, FPL Technologies is serving millions, proving that transparency and technology can turn a complex financial tool into a powerful engine for personal growth.

From launching a waitlist of 3 lakh people during a pandemic to managing 10 million users on OneScore, Sinha’s journey is a masterclass in first-principles engineering.

The Problem: Legacy Stacks and the Indian Context

Sinha identifies a critical mismatch between global banking tech and Indian reality. Most card stacks don't account for the fact that in India, only 9% of women work, yet they control a large portion of household spending. This makes "add-on cards" a necessity, yet legacy systems send OTPs only to the primary member, defeating the purpose of shared credit.

"Why is somebody not solving it? Because this problem is not there in developed markets," Sinha explains. "Most of the tech stack in credit card products are all built in 90s in US... we built it from the scratch." This gap extends to credit education; for over a decade, credit scores were a "secret weapon" for lenders, leaving consumers in the dark about how to improve their own financial health.

The Solution: Reimagining Credit from Scratch

FPL Technologies approaches credit as a two-pillared education and transaction engine. OneScore acts as a personal financial health tool, helping users understand why their score changes and how to maintain it. OneCard is the high-touch payment product that builds long-term credit history through a seamless mobile interface.

"We wanted to solve for credit issuance... but also solve for credit education and credit management," says Sinha. By focusing on an engagement-oriented product rather than a "disbursement-oriented" loan, FPL builds a relationship that stays with the customer for 7-8 years—comparable only to a mortgage in longevity.

Implementation: The Power of First Principles

To Sinha, "First Principles" means looking at a category that already exists and asking: "If we had no background to it, how would we solve for it today?" This led them to build a full-stack card management system in India, rather than licensing expensive US-based software. This allowed them to solve Indian problems like OTP-enabled add-on cards and instant metal card issuance.

Even their growth model was unconventional. While most fintechs burn cash on ads, OneCard grew its 3-lakh-strong waitlist purely through **organic referrals** on OneScore. "Your customers are your best sourcing products," Sinha notes. "If you're able to get their trust, we see the compounding impact happening."

The Human Side: Envy and Energy from Youngsters

Sinha, now 45, finds his greatest inspiration in the 27-28 year olds who make up the majority of his company. He admits to "envying" the exposure they have today and loves working with smart individuals who tackle large problems with driven mindsets. He believes that a startup isn't just a founder's job—it’s a family commitment.

He also emphasizes the importance of Unstructured Communication. His co-founders have a ritual: a daily "watercolor talk" with no agenda, even when working remotely. "This kind of informal conference is important... just to be aware about what's happening in the rest of the part of the company."

Future Vision: Beyond the Card Factor

Looking ahead, FPL Technologies is expanding beyond just the physical card. Sinha is bullish on UPI Credit and wearable payment factors. He envisions a future where 70-80% of banking is digitally managed, and FPL aims to be the financial education and transaction backbone for the next 500 million Indians.

Key Takeaways for Fintech Founders

• Engagement over Disbursement: Don't just give a loan once. Build a daily-use product (like a credit card) to stay top-of-mind and lower acquisition costs.
• Solve the "Unsexy" Back-end: Spending time on certifications (Visa/Mastercard) and audits early on allows for massive, reliable scaling later.
• Invest in Relationships: Professional and personal connections often yield help when you least anticipate it. Build them without an agenda.
• Trust is the Ultimate Currency: In financial services, referrals are worth more than any marketing spend. Deliver success to one user to gain five more.

With a mission to reimagine credit for a digital-first India, FPL Technologies is bridging the affordability gap one score at a time. For Anurag Sinha, the journey is a long-term commitment to solving tough problems. By applying first principles to one of the world's most legacy-heavy industries, he is ensuring that for young India, credit is not a burden, but a bridge to their aspirations.