Tag: network

Flexmoney raises $4.8 million in Series A funding

Banking & Finance

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Flexmoney, a digital credit network platform for lenders and merchants, has raised $4.8 million in Series A funding, led by Pravega Ventures with participation from Silicon Valley-based Z5 Capital.

The round also saw participation from several marquee individual investors including Ben Davey, former Group Head of Strategy, Barclays Bank & CEO Barclays Ventures; Mike Smith, former Chief Product & Technology Officer, Barclays Ventures & Director, Amazon Core Display Ad Platform; Ambarish Malpani, successful serial entrepreneur and technologist and Rishad Byramjee, Group MD and CEO Casby Logistics & Board Member, Centrum Group.

Flexmoney aims to use the funds to scale its credit network footprint to more lenders and merchants, launch additional products and consolidate its position. Flexmoney had previously raised seed funding from multiple global and domestic angel investors.

Nanda Krish, General Partner at Z5 Capital, said: “InstaCred by Flexmoney is already the largest ‘Buy Now, Pay Later’ platform in India, and the need and potential for this Internet credit infrastructure spans across even more global markets. We’re proud and excited to partner with Flexmoney to scale up and revolutionise the credit ecosystem in India and across the globe”.

Yezdi Lashkari, Founder and CEO of Flexmoney Technologies, said, “Flexmoney’s digital credit platform provides a seamless and secure ‘plug and play’ proposition for trusted lenders and merchants to offer the widest set of options for frictionless, secure, instant checkout finance to their customers and is transforming their purchase experience. With this funding, we are one step closer to achieving our vision of simplifying and democratising consumer credit in India”.

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Bharti AXA Life in bancassurance pact with Shivalik Small Finance Bank

Banking & Finance

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Private life insurer Bharti AXA Life Insurance has entered into a bancassurance partnership with Shivalik Small Finance Bank for the distribution of its life insurance products through the bank’s pan-India network of branches.

Under this agreement, Bharti AXA Life Insurance will offer its suite of life insurance products, including protection, health, savings and investment plans, to customers of Shivalik Small Finance Bank across its 31 branches and digital network across the country.

This alliance will enable over 4.5 lakh customers of Shivalik Bank to access the range of products offered by the company to provide financial security.

Bharti AXA General launches Health AdvantEDGE

Expansion of distribution footprint

Commenting on the association, Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said in a statement: “The outbreak of Covid-19 has led to a notable shift in customers’ perception of life insurance, which is fundamentally about protection. With our alliance with Shivalik Bank, we shall empower the bank’s customers with protection and holistic insurance solutions and help us strengthen our commitment while reaching out to urban, tier-II and tier-III markets. We believe this partnership will enrich our distribution footprint and help us increase insurance penetration in the country.”

UP-based Shivalik SFB commences operations

Suveer Kumar Gupta, Managing Director and Chief Executive Officer, Shivalik Small Finance Bank, said this alliance is a part of the bank’s various measures towards financial inclusion and acceleration of wealth creation for its customers.

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