[Funding alert] Flexmoney raises $4.8M in Series A round from Pravega Ventures, others
Flexmoney said it 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, a Mumbai-based full-lifecycle digital credit network platform for lenders and merchants, has raised $4.8 million in its Series A funding.
The funding round was led by Pravega Ventures and also saw participation from Silicon Valley-based Z5 Capital and several marquee individual investors.
Yezdi Lashkari, Founder and CEO of Flexmoney Technologies, said,
"With this funding, we are one step closer to achieving our vision of Simplifying and Democratising Consumer Credit in India.”
The startup said it 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.
According to the startup, its vision is to simplify and democratise consumer credit by enabling trusted banks and NBFCs to 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.
Flexmoney’s EMI and BNPL digital credit infrastructure InstaCredTM enables any bank or NBFC to offer branded, instant, cardless point-of-sale credit across Flexmoney’s partner network of 3,800+ online merchants, including a majority of the leading ecommerce merchants and brands in the country.
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 percent v/s 42 percent in China. Flexmoney's InstaCred BNPL credit platform is leveraging technology to democratise 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.”
“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 revolutionise the credit ecosystem in India and across the globe,” added Nanda Krish, General Partner at Z5 Capital.
Edited by Megha Reddy