At a Glance
Pravega Ventures led a $4.8M Series A round for Flexmoney. The money will expand the startup’s credit network to include a more significant number of lenders. Flexmoney’s mission is to democratize and simplify consumer lending by allowing trustworthy banks and NBFCs to provide their clients branded, “sachet-sized,” “cardless” digital credit lines.
Flexmoney, a full-lifecycle digital credit network platform for lenders and merchants, has raised $4.8 million in a Series A funding round led by Pravega Ventures. Other participants include Z5 Capital and other marquee investors.
The fund will be used to expand the Mumbai-based startup’s credit network reach to include many more lenders and merchants and introduce several new products and solidify its position as India’s premier digital credit and BNPL infrastructure, the company said. Flexmoney had already received initial investment from many international and local angel investors.
With this funding, we are one step closer to achieving our vision of Simplifying and Democratising Consumer Credit in India.Yezdi Lashkari, founder and CEO of Flexmoney Technologies
Flexmoney’s vision is to simplify and democratize consumer credit by enabling NBFCs (Non-Banking Financial Company) and trusted banks and to offer branded, “sachet-sized,” “cardless” digital credit lines to their customers, and address customer segments that are otherwise unviable to service via legacy bank offerings such as credit cards or personal loans, according to the company.
Flexmoney’s InstaCredTM EMI and BNPL digital credit infrastructure allow any bank or NBFC to deliver branded, immediate, cardless point-of-sale credit to Flexmoney’s 3,800+ online merchants, including the bulk of the country’s largest eCommerce merchants and brands.
Traditional credit instruments have failed to create a significant impression in the Indian market with credit card penetration standing only at 3 percent v/s 42 percent in China. Flexmoney’s InstaCred BNPL credit platform is leveraging technology to democratize credit access by enabling consumers and small businesses to instantly avail short-term digital credit at the point of purchase, without the need for credit cards or robust credit history.A Pravega Ventures spokesperson said, “
InstaCred by Flexmoney is already the largest “Buy Now, Pay Later” platform in India, and the need and potential for this internet credit infrastructure span across global markets. We’re proud and excited to partner with Flexmoney to scale up and revolutionize the credit ecosystem in India and across the globe.Nanda Krish, general partner at Z5 Capital