Flexmoney funding

flexmoney funding

Mumbai-based Flexmoney announced that it has raised $4.8 million in a Series A funding round led by Pravega Ventures.

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.”

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