Wamda invests in UAE-based fintech startup FlexxPay

Wamda invests in UAE-based fintech startup FlexxPay

Wamda has invested in UAE-based financial technology (fintech) startup FlexxPay (flexxpay.com). The social impact company provides employee benefit solutions for businesses of all sizes in the Middle East and North Africa (Mena) region. Wamda's investment is part of FlexxPay's latest round of funding, which includes previous individual and corporate investors.

FlexxPay's proprietary cloud-based solution provides employees access to a series of services and benefits, including the ability to access their earned salary and earned commissions whenever needed. By offering an alternative to the traditional payment cycle, FlexxPay aims to reduce the financial stress on employees and increase their motivation, and in turn, enhance productivity, sales and employee retention rates for businesses.

"FlexxPay is targeting a very clear pain point with an innovative and unique solution that will help unlock individuals' income on an as-earned basis. We are confident in the team's ability to drive the company forward and are excited to partner with them on that journey," said Fadi Ghandour, executive chairman at Wamda.

Commenting on the business and Wamda's investment, Michael Truschler, co-founder and CEO of FlexxPay said: "FlexxPay solves a real world problem for employers and their employees. Giving employees access to what they have already earned helps them to cover unexpected expenses