# FlexxPay FZ

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/flexxpay-fz

- Industry: Software
- Headquarters: Riyadh, Saudi Arabia
- Website: www.flexxpay.com
- Total disclosed funding: $3M
- Latest round: Seed (Feb 14, 2021)
- Investors on record: 9

## About

Based in Saudi Arabia, FlexxPay FZ LLC operates innovative financial solutions that focus on earned wage access and payroll-related services, enhancing financial well-being for employees and employers alike.Founded in 2018 and headquartered in Riyadh, Saudi Arabia, FlexxPay FZ LLC specializes in providing earned wage access to employees, allowing them to access their wages before the traditional payday. The company has completed a total of 4 deals, with its most recent funding round being a Seed round on February 14, 2021, during which it raised USD 3.000 mn from investors including Arzan Venture Capital, DIFC Fintech Fund, Kraken Capital, and others. The CEO, Xavier Layre, leads the company's operations and strategy.FlexxPay offers innovative financial solutions tailored to meet the needs of employers and employees alike, primarily focusing on earned wage access and payroll-related services. The company's core product enables employees to access their earned wages before the traditional payday, alleviating cash flow issues and enhancing financial well-being. The service is particularly beneficial for workers in industries with fluctuating pay schedules or unexpected financial emergencies. FlexxPay caters to a diverse client base across various sectors, including retail, hospitality, and healthcare, and extends its geographical reach into the Middle East and Southeast Asia, where demand for flexible payroll solutions is growing.FlexxPay generates revenue through a subscription-based model and transactional fees associated with its earned wage access service. Employers subscribe to FlexxPay's platform, allowing their employees to access their earned wages as part of their benefits package. In typical transaction scenarios, employees can request an advance on their wages, processed through the FlexxPay platform, ensuring efficient fund disbursement. The pricing structure includes monthly subscription fees for employers and a nominal fee per transaction when employees withdraw their earned wages, facilitating direct engagement with businesses while supporting employees' financial needs.In February 2021, FlexxPay FZ LLC raised USD 3.000 mn in Seed funding to enhance its technology platform and expand its corporate client base in the region. The company plans to develop new products aimed at providing further financial solutions for employees, though specific launch dates have not been disclosed. Additionally, FlexxPay aims to penetrate new markets in the Middle East and Southeast Asia by leveraging this recent funding to support its expansion initiatives.

## Funding rounds

- Seed, Feb 14, 2021, $3M — Target Global, Wamda Capital, Kraken Capital, Arzan Venture Capital, VentureSouq, DIFC Fintech Fund, Nuwa Capital, Sukna Ventures, March Holding

## Investors

- Target Global (https://capitalatlas.ai/funds/target-global) — Seed
- Wamda Capital (https://capitalatlas.ai/funds/wamda-capital) — Seed
- Kraken Capital — Seed
- Arzan Venture Capital (https://capitalatlas.ai/funds/arzan-venture-capital) — Seed
- VentureSouq (https://capitalatlas.ai/funds/venturesouq) — Seed
- DIFC Fintech Fund (https://capitalatlas.ai/funds/difc-fintech-fund) — Seed
- Nuwa Capital (https://capitalatlas.ai/funds/nuwa-capital) — Seed
- Sukna Ventures (https://capitalatlas.ai/funds/sukna-ventures) — Seed
- March Holding (https://capitalatlas.ai/funds/march-holding) — Seed