FlexPay

Early Stage

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

Analytics

Raised to Date: Raised: $35,361

Aggregate Commitments $

Platform

Microventures

Start Date

08/10/2022

Close Date

01/09/2023

Min. Goal

$50,000

Max. Goal

$1,070,000

Min. Investment

$100

Security Type

Convertible Note

Funding Type

RegCF

Series

Seed

Valuation Cap

$8,000,000

Discount Rate

20%

Rolling Commitments $

Status

Active

Reporting Date

10/02/2022

Days Remaining

99

% of Min. Goal

71%

% of Max. Goal

3%

Likelihood of Max
unlikely
Avg. Daily Raise

$667

# of Investors

60

Momentum
cool.svg
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Location

Lewes, Delaware

Industry

Financial & Insurance Products & Services

Tech Sector

Fintech

Distribution Model

B2B/B2C

Margin

High

Capital Intensity

Low

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

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: 08/10/2022
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FlexPay on MicroVentures 2022
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Platform: Microventures
Security Type: Convertible Note
Valuation: $8,000,000

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