Flex Finance, a mobile ecosystem that helps MSMEs and solo entrepreneurs better manage and track their daily business spending and finances, has raised a six-figure pre-seed fundraising round to support its growth in Nigeria.
Flex is a mobile platform that allows organizations to digitize their day-to-day operations. The program has an easy-to-use user interface and requires little to no financial knowledge to utilize. The company’s mission, which began in September 2019, is to assist MSMEs in becoming smarter and more lucrative.
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 contributed US$200,000 in undiluted funding to Flex.
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Flex’s automatic spend management technology went live in March and has now onboarded hundreds of companies. On a monthly basis, it processes millions of dollars in spending.
“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.
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“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.”
Flex Finance Flex Finance
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer