Buy now pay later platform Flexmoney raises $4.8 million funding

CHENNAI:

Flexmoney

has raised $4.8 million in a Series A

funding

round led by

Pravega Ventures

and which saw participation from Silicon Valley-based Z5 Capital.

Ben Davey, former group head of strategy, Barclays Bank & CEO Barclays Ventures, Mike Smith, former chief product & technology officer, Barclays Ventures and others also participated in the round.

Flexmoney aims at using the funds to scale its credit network footprint to more lenders and merchants, as well as launch multiple additional products.

Flexmoney wants to address the digital credit market opportunity created by the disruption from e-commerce, and

EMI

financing, and the consumer shift to mobile-first payments and banking.

With over 25 million pre-approved ‘cardless’ EMI credit lines from six banks and NBFCs already on its network platform, and several more in the pipeline, Flexmoney says it is "well placed to provide the most scalable, secure, and frictionless EMI and BNPL credit infrastructure to the Indian ecosystem of merchants and lenders."

"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," Yezdi Lashkari, Founder & CEO of Flexmoney Technologies said.


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