Riyadh-based FlexxPay raises USD 3 million in pre-series A round
By Edil Corneille
FlexxPay, a social impact technology company with offices in Europe and the GCC, and the Middle East’s Shari’a compliant employee benefit platform providing early access to earned income, has raised USD 3 million in a pre-series A round. The round was joined by leading international and regional investors including JIMCO, Target Global, Wamda, DIFC FinTech Fund, March Holding (which has been backing FlexxPay since its seed round), Arzan VC, SuknaVentures, Nuwa Capital and VentureSouq.
Currently operational in the UAE and KSA with plans to launch in Bahrain next month and expand to the rest of MENA in the near future, FlexxPay was founded in 2018 and initially raised USD 1.5m in its seed round and has now added USD 3m in its pre-series A round. Like the seed round, this round consists again of a mix of equity and debt. FlexxPay enables access to already-earned income (salaries, commissions, pensions and end of service benefits) via its platform.
Khaled Talhouni, Managing Partner at Nuwa Capital said, “We invested in FlexxPay to back an exceptional team with a strong background of building a business in the past and has developed a very scalable solution that benefits both, the companies and the employees.”
Saleh Al Akrabi, CEO of DIFC Properties and Head of Investments said, “DIFC FinTech Fund is committed to supporting innovative FinTech start-ups in the region at different stages of their growth, and we participated in the follow-on investment round of FlexxPay to accelerate their growth plans for the region.”
Michael Truschler, co-founder and CEO of FlexxPay said, “The continued support of our existing investors and the addition of new investors is invaluable to FlexxPay’s growth and evolution. We are solving a real-world problem for employers and their employees. Financial stress directly impacts the bottom line of a company’s P&L and is one of the main factors for employees being less productive and reporting sick. Giving people access to what they have already earned is just the right thing to do. They’ve earned it, they deserve it.”
FlexxPay’s client list covers companies from various industries including insurance, telecoms, retail, logistics, financial services and real estate. FlexxPay will use the funds to further enhance its technology platform and to grow its corporate client base in the region.
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