“Buy Now, Pay Later” service provider Flexmoney has established its operations further with a Series A funding round. In the latest concluded round, Flexmoney raised $4.8 million led by led by Pravega Ventures with participation from Silicon Valley-based Z5 Capital.
Fintech Firm FlexMoney Raised $4.8 Million
The Indian startup ecosystem has shown promising growth during the second wave of Covid-19. India is facing complete lockdown for three months but investors are still showing a lot of trust in the Indian startups.
In the latest investment event, Flexmoney has finished the series A financing round of $4.8 million led by Pravega Ventures and Z5 Capital. Other investors including Ben Davey, former Group Head of Strategy, Barclays Bank & CEO Barclays Ventures; Mike Smith, former Chief Product & Technology Officer, Barclays Ventures & Director, Amazon Core Display Ad Platform; Ambarish Malpani, serial entrepreneur and technologist and Rishad Byramjee, Group MD and CEO Casby Logistics & Board Member, Centrum Group also actively participated in the funding round.
With the help of current funding, Flexmoney wants to expand its credit network by adding more lenders and merchants. The fintech startup is looking to offer new products in the future for its clients. Overall, Flexmoney has a target to establish itself as the leading instant financial help provider without any card or document.
Z5 Capital who led the latest round is quite happy with the current progress of Flexmoney. The investment firm praised the InstaCred product of Flexmoney a lot.
Talking about it further, Nanda Krish, General Partner at Z5 Capital, said:
“InstaCred by Flexmoney is already the largest ‘Buy Now, Pay Later’ platform in India, and the need and potential for this Internet credit infrastructure spans even more global markets. We’re proud and excited to partner with Flexmoney to scale up and revolutionize the credit ecosystem in India and across the globe”.
Founded in 2015, Flexmoney provides instant money help to online shoppers. If you are doing shopping and don’t have enough money to pay, Flexmoney can avail you shop now and pay for later services. The startup has a partnership with key merchants and lenders to activate this service.
InstaCred, one of the popular products of Flexmoney has collaborations with 3800+ merchants to avail pay later or EMI(easy monthly installments) services to their consumers. Amazon, Flipkart, Curefit, Myntra, and Dell are some of the high-profile merchants having tie-ups with Flexmoney.
Currently, InstaCred product is providing lending services in 100+ cities to over 25+ million customers, as per Flexmoney claimed on its official website.
Flexmoney also has a strong partnership with six lending partners including Kotak Bank, HDFC Bank, HomeCredit, IDFC, ICICI, and Federal Bank.
Talking about the recent developments and Flexmoney’s seamless secured services, Yezdi Lashkari, Founder and CEO of Flexmoney Technologies, said:
“Flexmoney’s digital credit platform provides a seamless and secure ‘plug and play’ proposition for trusted lenders and merchants to offer the widest set of options for frictionless, secure, instant checkout finance to their customers and is transforming their purchase experience.”
When asked about the benefit of the current funding round, he added:
“With this funding, we are one step closer to achieving our vision of simplifying and democratizing consumer credit in India.”
Currently, Flexmoney is growing with a compound annual growth rate (CAGR) of 36%. As per Medici research, the Buy Now, Pay Later(BNPL) market is expected to reach a value of $100 billion by the end of 2023.
Flexmoney is competing with we’ll established firms including ePayLater Simpl, Zestmoney, Slice, Paytm Postpaid, PayU’s LazyPay, Amazon Pay, Flipkart Pay Later among others.