Overview

Raised to Date: Raised: $22,051

Deal Terms

Investment Momentum

Company Profile

Deal Summary

Financials

Total Commitments ($USD)

Platform

Microventures

Start Date

08/09/2022

Close Date

01/09/2023

Min. Goal

$50,000

Max. Goal

$1,070,000

Min. Investment

$100

Security Type

Convertible Note

Series

Seed

SEC Filing Type

RegCF    

Early Bird Val. Cap

$6,000,000

Valuation Cap

$8,000,000

Discount

20%

Venture Capital Investors:

Cairo Angels Syndicate Fund

Rolling Commitments ($USD)

Status

Not Funded

Reporting Date

01/08/2023

Days Remaining

Not Funded

% of Min. Goal

Not Funded

% of Max. Goal

Not Funded

Likelihood of Max

Not Funded

Avg. Daily Raise

$145

# of Investors

78

Momentum

Not Funded

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FlexPay

Year Founded

2019

Industry

Financial & Insurance Products & Services

Tech Sector

Fintech

Distribution Model

B2B/B2C

Margin

High

Capital Intensity

Low

Location

Lewes, Delaware

Business Type

High Growth

Company Website

FlexPay, with a valuation of $8 million, is raising funds on MicroVentures. It is a save-now-pay-later service provider in Kenya. The service allows users to reserve products or services online and make installment payments over time. FlexPay mainly works for non-banked and underbanked customers who do not have the purchasing power to pay for things at once. The business has been profitable over the last two years, with revenues of $290,522 and a net income of $20,032 in 2021. Richard Machomba and Johnson Mwangi founded FlexPay in December 2019. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1,070,000. The campaign proceeds will be used for marketing, product development, future hires, business operations, and working capital.

Summary Profit and Loss Statement

	Most Recent Year	Prior Year
Revenue	$290,522	$255,055
COGS	$0	$0
Tax	$8,585	$13,178
Net Income	$20,032	$30,405

Summary Balance Sheet

	Most Recent Year	Prior Year
Cash	$157,082	$150,000
Accounts Receivable	$102,367	$96,352
Total Assets	$262,063	$250,989
Short-Term Debt	$13,503	$17,868
Long-Term Debt	$3,716	$133,309
Total Liabilities	$17,219	$151,177

Financials as of: 08/09/2022

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FlexPay Founder Richard Machomba on an Alternative to Credit

Most African consumers — around 57% — are unbanked. Without financial services, those 95 million individuals may lack access to credit, barring them from purchases they haven’t completely saved up for. As a result, the unbanked may struggle to afford expensive products and services.

Kenya-based startup FlexPay is stepping up with a flexible payment solution. Through its platform, unbanked customers can book a good or service either online or in a FlexPay-enabled store and pay through installments. We reached out to co-founder and CEO Richard Machomba to hear more about the team’s bond and FlexPay’s plans for expansion.

Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.

Read Founder Interview