The round also saw participation from Silicon Valley-based Z5 Capital and various marquee investors.
Yezdi Lashkari, Founder and CEO of Flexmoney Technologies, stated, “With this funding, we are one step closer to achieving our vision of Simplifying and Democratising Consumer Credit in India.”
The startup said it is planning to use the freshly raised funds to grow its credit network footprint to many more lenders and merchants, as well as roll out several additional products and strengthen its position as the chief digital credit and BNPL infrastructure in the country. Flexmoney had earlier raised seed funding from various international and domestic angel investors.
The startup says its vision is to simplify and democratize consumer credit by allowing trusted banks and NBFCs to extend branded, ‘sachet-sized’, ‘cardless’ digital credit solutions to their customers, as well as address customer segments that are left out to service through legacy bank offerings like credit cards or personal loans.
Flexmoney’s EMI and BNPL digital credit infrastructure InstaCredTM allows any bank or NBFC to extend branded, instant, cardless point-of-sale credit across Flexmoney’s partner network of over 3,800 online merchants, including a bulk of the top e-commerce merchants and brands in India.
A spokesperson for Pravega Ventures stated, “Traditional credit instruments have failed to create a significant impression in the Indian market with credit card penetration standing only at 3 percent v/s 42 percent 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.”
Commenting on the investment, 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 span across 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.”
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
Or join our Whatsapp group to interact with other founders.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.
For publishing an advertorial article about your company on our website, drop an email at email@example.com