FlexPay

Early Stage

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

Overview

Raised to Date: Raised: $22,051

Total Commitments ($USD)

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

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Early Bird Val. Cap

$6,000,000

Valuation Cap

$8,000,000

Discount

20%

Venture Capital Investors:

Rolling Commitments ($USD)

Status
Not Funded
Reporting Date

01/09/2023

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

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View on Microventures (Closed)
Deal Analytics
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