Singapore virtual wallet FlexM raises $886,000 for expansion
Fintech start-up FlexM has successfully raised $886,000 in a seed fund round led by mobile payments platform MatchMove. The Singaporean firm will use the funds and MatchMove’s partnership to expand its presence in its home market after officially launching in September. FlexM offers users a mobile wallet to workers without access to traditional banking methods to receive their salaries and remit funds electronically using pre-paid virtual Mastercards. There are around 100 million migrant workers employed in APAC countries, giving FlexM a strong initial market.

FlexM raises US$886K to help the unbanked get paid and remit electronically

Its virtual wallet allows users to store up to four virtual pre-paid Mastercards

Fintech startup FlexM has announced it has raised SGD$1.25 million (US$886,000) in a seed round led by Singapore-based mobile payments platform MatchMove.

The new partnership with MatchMove will allow it to expand its presence in the Singapore market after officially launching in the Republic two months ago.

FlexM provides a mobile wallet that allows under-banked, for instance, migrant workers, to receive their salaries and remit money electronically.

“FlexM is working towards the financial inclusion of migrant and foreign domestic workers, while providing both commercial and private employers, the option to electronically pay salaries, securely, efficiently and with proof of payment,” said FlexM CEO and founder, Rune W Nilsson, in an official press statement.

Also Read: 7 ways Singapore’s central bank (MAS) is turning the country into a fintech powerhouse

The market opportunity for FlexM is the 100 million migrant workers employed in APAC countries including Singapore and Hong Kong.

Every FlexM member can register up to four pre-paid virtual Mastercards in the mobile wallet. These virtual cards come with

3-digit Card Verification Code (CVC) is dynamic and changes for every purchase and expires after 10 minutes.

Employers can create virtual wallet accounts for their employees and transfer salaries to them, while providing proof of payments.

Parents can also use these virtual cards to distribute allowances to their kids and monitor their expenditure.

In Singapore, members can top-up their MasterCard at FlexM centres in Lucky Plaza and City Plaza or at over 600 selected NPN merchants.

—

Image Credit: FlexM

The post FlexM raises US$886K to help the unbanked get paid and remit electronically appeared first on e27.