Nigeria’s Flex Finance raises pre-seed funding to help it grow
Nigerian fintech startup Flex Finance, a mobile ecosystem that helps MSMEs and solo entrepreneurs better manage and track their daily business expenses and finances, has raised a six-figure US dollar pre-seed funding round to support its growth.
Flex allows businesses to digitise their daily operations via a simple, accessible mobile platform. Equipped with an intuitive user interface, operating the app requires little-to-no financial knowledge. The goal of the company, which was formed in September 2019, is to help MSMEs become smarter and more profitable.
The startup has just closed a six-figure pre-seed funding round from Gumroad CEO Sahil Lavingia, LoftyInc Capital Management, Berrywood Capital, Paradox Capital, Kairos Angels, Brett Kopf, Julian Shapiro, Maneesh Arora and others. Flex previously raised US$200,000 in undiluted funding from Accion Venture Lab, The MasterCard Foundation, and Catalyst Fund.
Flex officially launched its automated spend management platform in March, and has since onboarded hundreds of businesses. It processes millions of dollars in spending on a monthly basis.
“The goal is to free business owners and finance teams in Africa from the stress of spend management, because we believe that making this crucial aspect of business delightfully simple, can save businesses lots of money and time, inadvertently helping them grow and succeed thereby increasing their creditworthiness,” said Yemi Olulana, the startup’s CEO.
“This funding received has so far helped to expand the company’s manpower, scale operations and will help with the launch of our new product offerings like virtual cards.”