Flexmoney, Full-Lifecycle Digital Credit Network Platform for Lenders and Merchants to offer frictionless, secure checkout finance, has raised US $4.8M in its Series A funding. The funding round was led by Pravega Ventures and saw participation from Silicon Valley-based Z5 Capital.
The round also saw participation from several marquee individual 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, successful serial entrepreneur and technologist with multiple exits
· Rishad Byramjee, Group MD & CEO Casby Logistics & Board Member, Centrum Group
Flexmoney’s mission is to address the enormous digital credit market opportunity created by the disruption from e-commerce, EMI and BNPL checkout finance, and the consumer shift to mobile-first payments and banking that has created an ecosystem-wide market gap for a mass-market digital purchase credit product. With over 25 Million pre-approved ‘cardless’ EMI credit lines from 6 trusted Banks and NBFCs already LIVE on its network platform, and several more in the pipeline, Flexmoney is extremely well placed to provide the most scalable, secure, and frictionless EMI and BNPL credit infrastructure to the Indian ecosystem of merchants and lenders.
Flexmoney’s vision is to Simplify and Democratize Consumer Credit, by enabling trusted Banks and NBFCs to easily offer branded, ‘sachet-sized’, ‘cardless’, digital credit lines to their customers, as well as address customer segments that are otherwise unviable to service via legacy bank offerings such as credit cards or personal loans.
InstaCredTM, Flexmoney’s world-class EMI and BNPL digital credit infrastructure enables any Bank or NBFC to quickly offer Branded, Instant, ‘Cardless’ Point-of-Sale Credit across Flexmoney’s partner network of 3,800+ online merchants, including a majority of the leading e-commerce merchants and brands in the country.
Speaking on the fundraise, Yezdi Lashkari, Founder & CEO of Flexmoney Technologies said, “We are pleased with the confidence that our customers and investors have shown in our mission to reimagine and transform the consumer finance experience in India. 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. With this funding, we are one step closer to achieving our vision of Simplifying and Democratising Consumer Credit in India.”
Flexmoney aims to use the funds to scale its credit network footprint to many more lenders and merchants, as well as launch multiple additional products and consolidate its position as the leading digital credit and BNPL infrastructure in India. Flexmoney had previously raised seed funding from multiple global and domestic angel investors.
A spokesperson for Pravega Ventures, said “Traditional credit instruments have failed to create a significant impression in the Indian market with credit card penetration standing only at 3% v/s 42% in China. Flexmoney’s InstaCred BNPL credit platform is leveraging technology to democratize credit access by enabling consumers and small businesses to instantly avail short-term digital credit at the point of purchase, without the need for credit cards or robust credit history. We are extremely impressed with the network that Flexmoney has built in a short span and are excited to participate in their mission to revolutionize the Indian credit landscape.”
Nanda Krish, General Partner at Z5 Capital, said “Z5 Capital is thrilled to invest in Flexmoney and fuel its mission to simplify and democratize Purchase Financing in India. 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 across 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.”
Ben Davey, former Group Head of Strategy, Barclays Bank & CEO Barclays Ventures, said “Flexmoney is positioning itself at the forefront of the digital credit eco-system in India. Flexmoney’s experienced leadership team has built a strong network of trusted Banks and NBFCs to offer branded, instant, ‘cardless’ point-of-sale credit across its growing partner network of merchants. As a former banker and active fintech investor, I am excited by the growth potential of Flexmoney’s digital credit platform both in India and internationally, and extremely proud to be part of their journey as they disrupt the credit ecosystem on a mission to become the preferred choice for the digital consumer generation”