Early Stage

Save now, buy later payment solution operating in 300+ store locations across Kenya

Save now, buy later payment solution operating in 300+ store locations across Kenya


Raised to Date: Raised: $22,051

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type

Convertible Note



SEC Filing Type

RegCF    Open SEC Filing

Early Bird Val. Cap


Valuation Cap




Rolling Commitments ($USD)

Not Funded
Reporting Date


Days Remaining
Not Funded
% of Min. Goal
Not Funded
% of Max. Goal
Not Funded
Likelihood of Max
Not Funded
Avg. Daily Raise


# of Investors


Not Funded
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Year Founded



Financial & Insurance Products & Services

Tech Sector


Distribution Model




Capital Intensity



Lewes, Delaware

Business Type

High Growth

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

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Net Income



Summary Balance Sheet

Most Recent Year Prior Year




Accounts Receivable



Total Assets



Short-Term Debt



Long-Term Debt



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Financials as of: 08/09/2022
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Founder Profile

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

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Add to portfolio
FlexPay on MicroVentures 2022
Platform: Microventures
Security Type: Convertible Note
Valuation: $8,000,000

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Follow FlexPay on MicroVentures 2022

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