Flexmoney
Flexmoney’s mission is to address the enormous digital credit market opportunity created by the disruption from e-commerce, EMI and BNPL checkout finance and mobile finance.
| Date | Investors | Amount | Round |
|---|---|---|---|
$4.8m | Series A | ||
| Total Funding | 000k | ||
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Flexmoney Technologies Private Limited, founded in 2015 by Yezdi Lashkari, operates a digital credit platform in India, aiming to simplify and democratize consumer finance. Lashkari, a serial entrepreneur and an alumnus of IIT Bombay and MIT, identified a gap in the market for accessible consumer credit, leading to the creation of Flexmoney. His background includes roles at Microsoft Ventures Accelerator, Zynga, and McKinsey & Company, providing a foundation in technology, business, and payments.
The company functions on a B2B2C model, providing the technology infrastructure for banks and non-banking financial companies (NBFCs) to offer instant, cardless credit to their customers at the point of sale. This addresses a significant opportunity in the Indian market, where credit card penetration remains relatively low compared to other economies. Flexmoney's core product, InstaCred, is a 'Buy Now, Pay Later' (BNPL) platform that integrates with merchant checkout systems, both online and offline. The company earns revenue from its lending partners for facilitating these credit transactions.
Through a single integration, merchants can offer their customers financing options from a network of lenders. For consumers, the service allows them to make purchases and pay in equated monthly instalments (EMIs) without needing a credit card. The process is designed to be seamless, using the customer's registered mobile number as a unique identifier to approve credit instantly, eliminating the need for extensive documentation or down payments. The platform serves a wide range of customers by enabling 'sachet-sized' credit for various purchases, from electronics and fashion to travel and fitness.
Flexmoney has established partnerships with numerous banks, NBFCs, and over 3,800 online merchants, including major e-commerce players like Flipkart and Amazon. In June 2021, the company secured $4.8 million in a Series A funding round led by Pravega Ventures and Z5 Capital, bringing its total funding to $6.5 million. This capital is intended to expand its credit network, launch new products, and solidify its position in India's digital credit market.
Keywords: digital credit, point of sale financing, BNPL, Buy Now Pay Later, cardless EMI, consumer finance, fintech infrastructure, merchant financing, embedded finance, checkout finance, digital lending, purchase loans, InstaCred, Yezdi Lashkari, Pravega Ventures, Z5 Capital, online credit, mobile payments, sachet credit, e-commerce finance