Companies

Flexmoney raises $4.8 million in Series A funding

Our Bureau Mumbai | Updated on June 15, 2021

Funding led by Pravega Ventures

Flexmoney, a digital credit network platform for lenders and merchants, has raised $4.8 million in Series A funding, led by Pravega Ventures with participation from Silicon Valley-based Z5 Capital.

The round also saw participation from several marquee individual investors including Ben Davey, former Group Head of Strategy, Barclays Bank & CEO Barclays Ventures; Mike Smith, former Chief Product & Technology Officer, Barclays Ventures & Director, Amazon Core Display Ad Platform; Ambarish Malpani, successful serial entrepreneur and technologist and Rishad Byramjee, Group MD and CEO Casby Logistics & Board Member, Centrum Group.

Flexmoney aims to use the funds to scale its credit network footprint to more lenders and merchants, launch additional products and consolidate its position. Flexmoney had previously raised seed funding from multiple global and domestic angel investors.

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 spans across even more 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”.

Yezdi Lashkari, Founder and CEO of Flexmoney Technologies, said, “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”.

Published on June 15, 2021

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