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New Delhi: Fintech platform Flexmoney on Tuesday said it has raised $4.8 million (about Rs 35.1 crore) in funding led by Pravega Ventures.
The series A round also saw participation from Silicon Valley-based Z5 Capital as well as individual investors, including Ben Davey (former Group Head of Strategy, Barclays Bank & CEO Barclays Ventures), Mike Smith (ex-Chief Product and Technology Officer, Barclays Ventures), Ambarish Malpani and Rishad Byramjee (Group MD and CEO Casby Logistics). The company has raised $6.5 million in funding to date.
Flexmoney is planning to use the funds to scale its credit network footprint to many more lenders and merchants, a statement said.
The funds will also be utilised to launch multiple additional products and consolidate Flexmoney’s position as the leading digital credit and BNPL infrastructure in India, it added.
Flexmoney’s digital credit infrastructure enables banks and NBFCs to offer lender-branded instant, ‘cardless’ point-of-sale credit across its partner network of merchants to their existing as well as new customers through their registered mobile numbers.
Flexmoney has over 25 million pre-approved ‘cardless’ EMI credit lines from six banks and NBFCs live on its network platform. Its partner network also includes over 3,800 online merchants, including e-commerce companies and brands.
“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 Technologies founder and CEO Yezdi Lashkari said.
A Pravega Ventures spokesperson said traditional credit instruments have failed to create a significant impression in the Indian market with credit card penetration standing only at 3% as compared to 42% in China.
“Flexmoney’s InstaCred BNPL (buy now pay later) 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,” the spokesperson added.