• FlexxPay

  Participated · Series A · Feb 2021

  FlexxPay operates a Shari'a-compliant employee benefits platform that provides on-demand access to already-earned income such as salaries, commissions, pensions, and end-of-service benefits. The company says employers see increased employee motivation and productivity and a significant decrease in reported sick leaves due to reduced financial stress. It reports HR workload reductions of around 20% by eliminating time spent processing salary advance requests. Described as a social impact technology startup, FlexxPay has offices in Europe and the GCC and operates in the UAE and KSA. The company plans to launch in Bahrain next month and to expand to the rest of MENA in the near future. FlexxPay will use the funds to further enhance its technology platform and to grow its corporate client base in the region. FlexxPay is a fintech that offers a cloud-based employee benefits platform enabling instant access to earned salaries and commissions. Led by Co-Founder & CEO Michael Trüschler, the platform aims to reduce employee financial stress and improve productivity, retention and sales. Employers can directly invest in their workforce via the service; the platform is accessible through web, mobile app and WhatsApp. The company said it will use new funds to accelerate planned technology developments and deliver new platform features for a growing corporate clientele. FlexxPay has offices in Europe and the GCC and is focusing growth efforts on the Kingdom of Saudi Arabia and the United Arab Emirates. FlexxPay is a Dubai-based social impact startup that provides a cloud-based financial-wellness platform enabling companies to offer salary advances on already-earned income. The service was co-founded by Michael Truschler and Charbel Nasr and launched in the UAE, expanding to KSA in Q4 2019. The platform acts as an agent with ADCB to advance a portion of already-earned salaries on behalf of employers. Employees can access earned but unpaid salary at zero interest for a fixed nominal transaction fee, perform bank transfers, and start a savings plan. Advances and fees are repaid by the employer during the salary cycle at month end, with employees receiving their salaries less advances and fees. FlexxPay raised an undisclosed funding round from a group of individual and corporate investors and intends to use the funds to roll out its platform; it plans to add gift cards and a loyalty points program.

No current team members are available.