Flex Finance, a mobile ecosystem that helps MSMEs and solo entrepreneurs better manage and track their daily company spending and finances, has secured a six-figure pre-seed fundraising round to assist its expansion in Nigeria.
Flex is a mobile platform that allows organisations to digitise their day-to-day operations. The programme has an easy-to-use user interface and requires little to no financial expertise to utilise. The company’s mission, which began in September 2019, is to assist MSMEs in becoming smarter and more lucrative.
Gumroad CEO Sahil Lavingia, LoftyInc Capital Management, Berrywood Capital, Paradox Capital, Kairos Angels, Brett Kopf, Julian Shapiro, Maneesh Arora, and others have invested in the firm in a six-figure pre-seed round. Accion Venture Lab, The MasterCard Foundation, and Catalyst Fund earlier contributed US $200,000 in equity money to Flex.
Flex’s automatic spend management technology went live in March and has now onboarded hundreds of companies. On a monthly basis, it handles millions of dollars in expenditure.
“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.”
