Flexmoney, a full-lifecycle digital credit network company based in Mumbai, has announced that it has raised $4.8 million in Series A funding round.
The latest funding round, led by Pravega Ventures, also saw participation from Z5 Capital along with marquee individual investors.
Yezdi Lashkari, Founder & CEO, Flexmoney Technologies, stated, “With this funding, we are one step closer to achieving our vision of Simplifying and Democratising Consumer Credit in India.”
A Pravega Ventures spokesperson said, “Traditional credit instruments have failed to create a significant impression in the Indian market with credit card penetration standing only at 3 percent v/s 42 percent in China. Flexmoney’s InstaCred BNPL credit platform is leveraging technology to democratise 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.”
Nanda Krish, General Partner at Z5 Capital, added, “InstaCred by Flexmoney is already the largest “Buy Now, Pay Later” platform in India, and the need and potential for this internet credit infrastructure span across global markets. We’re proud and excited to partner with Flexmoney to scale up and revolutionise the credit ecosystem in India and across the globe.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.