FlexxPay.com, a Dubai, UAE-based social impact startup, raised a funding round of undisclosed amount.
Backers included a group of individual and corporate investors.
The company intends to use the funds to rollout its platform.
Co-founded by Dubai-based entrepreneur Michael Truschler and Charbel Nasr, FlexxPay.com provides a cloud-based financial wellness platform that enables companies to offer salary advances to employees for their already earned income.
The service, launched in the UAE (and KSA in Q4, 2019), acts as an agent between employers and their employees, advancing through ADCB a portion of already earned salaries on behalf of the employer.
Utilizing the platform, employees can access a portion of their already earned but currently unpaid salary at zero interest rate, paying a fixed nominal transaction fee. They can perform bank transfers, start a savings plan and more in a safe and secure environment.
Advances and fees are then paid by the employer to FlexxPay during the salary cycle at the end of the month, while the employees receive their salaries less the advances and fees already paid out to them earlier in the month.
Additional employee benefits include a complimentary savings plan, and soon to come gift cards and loyalty points program.