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 pre-seed funding round to support its growth in Nigeria.
“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.”
Gumroad CEO Sahil Lavingia, LoftyInc Capital Management, Berrywood Capital, Paradox Capital, Kairos Angels, Brett Kopf, Julian Shapiro, Maneesh Arora, and others recently invested in the startup in a six-figure pre-seed round. Accion Venture Lab, The MasterCard Foundation, and Catalyst Fund previously invested US$200,000 in undiluted funding to Flex.
Flex is a mobile platform that allows businesses to digitize their day-to-day operations. The program has an intuitive interface and requires little to no financial knowledge to utilize.The goal of the company, which was formed in September 2019, is to help MSMEs become smarter and more profitable.
Flex’s automatic spend management platform went live in March and has now onboarded hundreds of businesses. On a monthly basis, it processes millions of dollars in spending.