Social impact fintech company, FlexxPay, gets pre-Series A funding for growth
FlexxPay, a fintech company focusing on employee benefit solutions, has received an undisclosed pre-Series A from MEC Ventures, a newly established vehicle created jointly by MSA, a Chinese venture capital fund with more than US$1 billion of assets under management, and Bahrain based Al Salam Bank.
The new funds will accelerate FlexxPay’s growth plans for the region, particularly in Saudi Arabia and UAE, through key hiring, technology development, enabling the company to execute quickly on its planned tech developments and new platform features for its ever-increasing corporate clientele base.
This investment by MEC Ventures follows FlexxPay recent announcement of the launch of a new Innovation Centre in Lebanon and a partnership agreement with a major Saudi financial institution, as well as onboarding other leading regional investors and VC funds.
According to Michael Trüschler, Co-Founder & CEO, FlexxPay, “the investment from MEC Ventures displays a trust and confidence in the corporate appeal and scalability of FlexxPay’s business model and growth potential across the MENA region and beyond.” He added, “our fast-growing business model has attracted a lot of interest from venture capitalists globally. MSA with their deep experience in mobile-first business models from Asia and Al Salam Bank with their financial strength and expertise will be a great value addition for FlexxPay.”
MSA partnered with Al Salam Bank-Bahrain to launch MEC Ventures, a $50 million (Dh183.6m) venture capital fund designed to introduce new technologies and business models from Asia to the Middle East.
FlexxPay provides a cloud-based technology solution that improves employee productivity, retention rates and sales for businesses by removing financial stress from employees and giving them instant access to earned salaries and commissions. With FlexxPay, employers can directly invest in their most valuable asset, their employees.The platform can be accessed through web, mobile App and WhatsApp.
In December 2019, the company had already raised $1.5m from Wamda.