Singapore-based fintech platform Seedflex has successfully raised $3.2m in a seed extension round, co-led by Z Venture Capital and Iterative, to enhance access to capital for micro, small, and medium enterprises (MSMEs) across Emerging Asia. The funds will support the company’s expansion into new markets, starting with Indonesia later this year.
Seedflex, co-founded by former Grab executives Ritwik Ghosh and Sauvik Datta, launched in Malaysia last year. The company offers a unique “Pay-As-You-Sell Advance” (PAYS Advance) credit solution, which adjusts loans and repayments based on sales revenue. This model has already attracted over 5,000 merchants in Malaysia, with plans to increase this number to 50,000 by the end of 2025.
The recent investment will enable Seedflex to scale its operations and introduce its embedded credit application programming interface (API) to more distribution partners. “In these turbulent and uncertain economic times, access to flexible credit is vital for the survival and growth of MSMEs,” said Ritwik Ghosh.
ZVC’s Principal, Janice Sa, highlighted the significance of Seedflex’s model, stating, “It directly addresses the core pain points in SME lending.” Iterative’s General Partner, Brian Ma, praised the founders’ expertise, noting their experience in building embedded finance at scale.
With Indonesia’s vast market potential, Seedflex aims to leverage its innovative credit solutions to empower more businesses in the region, ensuring they have the necessary resources to thrive in a competitive landscape.
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