Digital credit network platform Flexmoney raises $4.8 million funding from Pravega Ventures, others

• Flexmoney will utilize the raised capital to scale its credit network footprint to many more lenders and merchants.
• Following the current round, The startup's funding amount now stands at $6.5 million.
• Z5 Capital and other marquee investors also participated in the funding round.

Mumbai-based Full-Lifecycle digital credit network platform Flexmoney has raised $4.8 million (about Rs 35 crore) in a Series A funding round led by Pravega Ventures, a Delhi-based venture capital and private equity firm.

The round also saw participated from Palo Alto-based Z5 Capital and individual marquee investors, including Ben Davey (former Group Head of Strategy, Barclays Bank & CEO Barclays Ventures), Mike Smith (ex-Chief Product and Technology Officer, Barclays Ventures), Ambarish Malpani, and Rishad Byramjee (Group MD and CEO Casby Logistics).

According to the startup, The raised capital will be used to scale the credit network footprint to many lenders and merchants as well as launch multiple additional products and consolidate its position as the leading digital credit and BNPL infrastructure in the country.

The startup previously raised seed funding from multiple global and domestic angel investors. So far, It has raised over $6.5 million in its funding rounds.

Speaking on the development, Yezdi Lashkari, Founder and CEO of Flexmoney Technologies, said: "With this funding, we are one step closer to achieving our vision of Simplifying and Democratising Consumer Credit in India.”

Founded in 2015 by Yezdi Lashkari, Flexmoney’s InstaCredTM allows any bank and NBFCs to offer branded, instant, cardless point-of-sale credit across its partner network of 3,800+ online merchants, including a majority of the ecommerce merchants and brands in the country. It claims that it has 25-Million pre-approved cardless EMI credit lines from 6 trusted banks and NBFCs across 100+ cities.

A spokesperson from Pravega Ventures said: "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.”

"We’re proud and excited to partner with Flexmoney to scale up and revolutionize the credit ecosystem in India and across the globe,” said, Nanda Krish, General Partner at Z5 Capital.

Pravega Ventures is a New Delhi-based early-stage venture capital fund which mainly invests in fintech and enterprise SaaS domains. Its portfolio includes ePayLater, Kagaaz, Safegold, Crofarm, Propshare Capital, etc.

Also Read:

• Fintech startup BharatPe acquires loyalty platform PAYBACK India
• Fintech startup Cashfree raises funding from State Bank Of India (SBI)
• Fintech startup Nivesh raises $1.6 million to expand its product portfolio

Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.