FlexxPay raises $3 million in equity and debt to help employees access their earned salaries before payday

FlexxPay raises $3 million in equity and debt to help employees access their earned salaries before payday

Dubai-headquartered fintech FlexxPay has raised $3 million in a pre-Series A round comprised of equity debt, it announced today. The investors include JIMCO, Target Global, Wamda, DIFC FinTech Fund, March Holding, Arzan VC, SuknaVentures, Nuwa Capital, and VentureSouq.

A part of this round was announced in December 2019. It looks like they've now closed the Pre-Series A, taking their total funding to date to $4.5 million. Its seed round of $1.5 million was closed in July 2019. The latest funds will be used to further enhance its platform and grow its client base.

FlexxPay had started in 2018 by offering its services to employers in the United Arab Emirates but later also expanded to Saudi and now plans to launch its platform in Bahrain as well. It partners with corporates to enable their employees to access a portion of their already earned salaries, commissions, pensions, and end of service benefits, through its online platform.

“Companies benefit largely from increased employee motivation and productivity while they see a significant decrease of reported sick leaves due to reduced financial stress on employees. HR departments' workload is reduced by around 20% by eliminating time spent processing salary advance requests,” noted its statement.

It doesn't charge any interest and