For enhancement of technology platform FlexxPay raises $3mn in initial pre-series A funding round

At present FlexxPay is available within the UAE as well as Saudi Arabia, it will be also launched within Bahrain the forthcoming month.

A cloud-based B2B FinTech’s employee benefits platform, the Flexxpay, have upsurged $3Mn within the initial pre-series A round. It provides direct access for already-earned income (the salaries, commissions, pensions as well as end-of-service advantages) via their platform. At present the firm is presently active within UAE, as well as Saudi Arabia with initiative for launching it within Bahrain the forthcoming month, as well as progress for rest of MENA within the forthcoming future.

FlexxPay was initiated in 2018 and primarily elevated $1.5mn in its seed round. Associated to the seed round, this fundraising effort also comprises of a mix of equity and debt.

FlexxPay will utilize the funds to further boost its technology platform and nurture its commercial client base in the territory. The round was linked by global and native investors including JIMCO, Target Global, Wamda, DIFC FinTech Fund, March Holding, Arzan VC, SuknaVentures, Nuwa Capital and VentureSouq.

FlexxPay empowers admittance to already-earned income (salaries, charges, pensions and end-of-service assistances) via its platform. It is formerly operational in the UAE and Saudi Arabia with strategies to launch in Bahrain the preceding month, and develop to the rest of MENA in the forthcoming future.

Saleh Al Akrabi, CEO of DIFC Properties and head of investments, stated that: “DIFC FinTech Fund is committed to supporting innovative fintech startups 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.”

DIFC invested in four FinTech start-ups – FlexxPay being one of them – via its accelerator module, it announced the preceding June.

Managing partner at Nuwa Capital, Khaled Talhouni, stated: “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.”

Michael Truschler, co-founder and CEO of FlexxPay stated: “The continued support of our existing investors and the addition of new investors is invaluable to FlexxPay’s growth and evolution.”

“We are resolving a real-world tricky issue for bosses and their workforces. Financial stress directly influences the bottom line of a business’s P&L and is solitary of the foremost factors for workforces being fewer productive and reporting sick. Generous public access to what they have previously earned is just the right thing to do. They’ve produced it, they deserve it.”

Businesses from numerous sectors including insurance, telecoms, retail, logistics, financial services and real estate, form part of FlexxPay’s range.

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