Sleek raised $14 M Series A funding to provide back-office services to SMEs throughout the world
Sleek, a Singapore-based business that provides small and medium companies (SMEs) and entrepreneurs with incorporation and accounting services, has raised $14 million in a Series A funding round.
Jungle Ventures and White Star Capital, a worldwide venture capital firm with a Singapore headquarters, are co-leading the round.
Sleek has now raised a total of $24 million in funding so far.
Sleek plans to use the additional cash to expand the company’s technology and product development, as well as build up its personnel for global expansion in existing and new markets.
Sleek was founded in 2017 by Julien Labruyere and Adrien Barthel, two French entrepreneurs that help clients manage back-office operations and seek expert guidance from experienced specialists. Company formation, financial and regulatory reporting, bookkeeping, and banking services are all automated and integrated.
Sleek Business Account is a new product from the firm that aims to make creating bank accounts for small businesses easier.
The company says that their Sleek app allows SMEs to set up a deposit account in a day. Businesses may use the Sleek dashboard to obtain account data and other corporate indicators to simplify bank reconciliation for accounting and bookkeeping needs.
According to a press release, Sleek oversees a portfolio of over 5,000 firms that will generate US$700 million in sales and 1.4 million accounting transactions in 2020.
Sleek has expanded into Singapore, Hong Kong, Australia, the United Kingdom, and the Philippines since its beginnings.
The company now plans to grow into other areas like Australia and Europe, where it recently purchased Ltd Companies, commonly known as Fresh Startups (a UK incorporation management service provider), for an unknown sum.
Fresh Startups’ present offering will be integrated with the firm’s products and technology stack to build a full SME’s operating system for UK entrepreneurs and businesses.
In addition, the company plans to provide remittance and card-issuing options.
