FlexxPay, a fintech company focusing on employee benefit solutions, raised a pre-series A funding round of undisclosed amount.
Backers included MEC Ventures, a newly established vehicle created jointly by MSA, a Chinese venture capital fund with more than US$1 billion of assets under management, and Bahrain based Al Salam Bank.
The new funds will accelerate the company’s growth plans for the region, particularly in the Kingdom of Saudi Arabia and the United Arab Emirates, enabling it to execute quickly on its planned tech developments and new platform features for its ever-increasing corporate clientele base.
Led by Michael Trüschler, Co-Founder & CEO, FlexxPay provides a cloud-based technology solution that improves employee productivity, retention rates and sales for businesses by removing financial stress from employees and giving them instant access to earned salaries and commissions. With FlexxPay, employers can directly invest in their most valuable asset, their employees. The platform can be accessed through web, mobile App and WhatsApp.
The company has offices in Europe and the GCC.