FlexPay Kenya secures funding from Cairo Angels Syndicate Fund

FlexPay, a Kenyan fintech startup, raised an undisclosed amount in funding from The Cairo Angels Syndicate Fund. (CASF) is a micro-venture capital investment fund that invests early-stage startups in Africa and Middle East.

FlexPay, founded by Richard Machomba in 2016, is an online payment gateway that allows merchants and banks to offer customers in Africa interest-free savings.

Merchants can give FlexPay to their customers the freedom of choosing how and when they want to pay for high-value products and services. FlexPay allows shoppers to spread the cost over time (pay by installments), increasing their flexibility and spending power. Merchants have the option to offer FlexPay in-store or online. Their GMV has grown 5x in the last year.

“We are thrilled to have The Cairo Angels as investors as we plan to grow and scale to more markets in Africa. As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving (Save Now, Buy Later), we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap.” Stated Machomba.

“FlexPay is our first investment in Africa outside of Egypt. Richard and Johnson are two stellar founders who have built an amazing FinTech platform that flips BNPL on its head by harnessing the power of saving and digitizing the deep-rooted culture of ‘layway’. We will be supporting FlexPay with their regional expansion plans in other key African markets, including Nigeria and Egypt” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.

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