FlexxPay raises $3m in pre-series A round to enhance technology platform

FlexxPay raises $3m in pre-series A round to enhance technology platform

FlexxPay, a cloud-based B2B fintech employee benefits platform has raised $3m in a pre-series A round.

FlexxPay enables access to already-earned income (salaries, commissions, pensions and end of service benefits) via its platform. It is currently operational in the UAE and Saudi Arabia with plans to launch in Bahrain next month and expand to the rest of MENA in the near future.

FlexxPay will use the funds to further enhance its technology platform and grow its corporate client base in the region.

The round was joined by international and regional investors including JIMCO, Target Global, Wamda, DIFC FinTech Fund, March Holding (which has been backing FlexxPay since its seed round), Arzan VC, SuknaVentures, Nuwa Capital and VentureSouq.

FlexxPay was founded in 2018 and initially raised $1.5m in its seed round. Likened to the seed round, this fundraising attempt also consists of a mix of equity and debt.

Khaled Talhouni, managing partner at Nuwa Capital, said: "We invested in FlexxPay to back an exceptional team with a strong background of building a business in the past and has developed a very scalable solution that benefits both, the companies and the employees.“

Saleh Al Akrabi, CEO of DIFC Properties and head of Investments said, "DIFC FinTech Fund is