FlexxPay, a startup empowering more control over when employees access their cash, has reportedly closed a new funding round from MEC Ventures.
The pre-series a round will enable FlexxPay to meet its growth plans for the Middle East, with a particular focus on Saudi Arabia and the United Arab Emirates, according to a number of reports in the media. Other plans include enhancing its technology and releasing new features for clients.
FlexxPay offers a digital platform where employees can access their earned salaries and commissions instantly, ahead of the regular payday. This enables employees to receive funds when they need without the need of taking out a loan.
There have been a number of marketplace lending companies to close rounds this month. International education loan provider Leap Finance secured $5.5m in a funding round led by Sequoia India.
Other recent FinTechs in the digital lending sector to close rounds this month include online SME loan marketplace CreditEnable, small business loan provider SMEcorner and loan comparison solution FinCompare.
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