Dubai-based fintech startup, FlexxPay, has raised a Pre-Series A investment as it plots its ambitious growth plans in UAE and Saudi Arabia.
After raising a Pre-Series A investment from Wamda Capital in November 2019, UAE-based mobile platform, FlexxPay, has raised another investment from Chinese venture capital fund, MSA, and Bahrain’s Al Salam Bank.
Founded in 2018, the finch startup offers an alternative to the the traditional corporate payment cycle through a mobile app that allows businesses toofer their employees salaries and commissions as advances, charging a small transaction fee rather than interest.
The service, which can also be accessed through web and WhatsApp, feeds into the growing focus on employee wellness and motivation in both the corporate and startup ecosystems, with co-founder and CEO, Michael Trüschler, revealing that the investment will be channelled into ambitious growth plans in the UAE, as well as Saudi Arabia.
"This fast-growing business model has attracted a lot of interest from venture capitalists globally," Trüschler said. "MSA with their deep experience in mobile-first business models from Asia and Al Salam Bank with their financial strength and expertise will be a great value addition for FlexxPay.”
Sign up for the daily Startup Digest.