FlexPay

You’ve probably heard of buy-now-pay-later (BNPL) services like Affirm that allow you to purchase a product in monthly installment payments. While this solution can make products more immediately accessible, they may lead to overspending.i Save-now-buy-later (SNBL) services aim to encourage better financial well-being in consumers by guaranteeing a product or service at a future date if saving goals are met. Currently, this solution is relatively young compared to its BNPL counterpart, yet Tiger Global recently made a bet on one such startup looking to upend the $100 billion BNPL industry. In January 2022, SNBL service provider Accrue Savings announced a $25 million Series A round led by Tiger Global.iiKenya-based FlexPay is an SNBL service provider that enables consumers to reserve products or services online and make installment payments over time. Its short message service (SMS) platform was developed to help non-banked and underbanked customers, who may not have the purchasing power to pay for things at once, gain the power to reserve the vital products and services they need. While Accrue Savings is bringing SNBL to the U.S., FlexPay believes it is in a prime position to expand its innovative payment platform within the Africa FinTech scene, which has experienced unprecedented growth and can be referred to as the next FinTech frontier.iiiWith over 29,000 end users (individuals purchasing products) in 2021, FlexPay has been growing its top line year-over-year. The company was profitable in 2020, 2021, and in January and April of 2022. In 2021, the company achieved nearly $300,000 of revenue and retained over $20,000 as net profit. The company’s solution has also stuck with end users. In 2021, over half of its customers base were repeat customers, which increased from 44.6% in 2020. FlexPay is seeking additional capital to increase awareness of its products, build-out and further develop new and existing products, and enhance its working capital to meet day-to-day capital requirements.

Graduate of accelerator programs led by Google, Barclays and Techstars, the U.K. government, and the Westerwelle Foundation, Merchant partners include Tusky’s, Jumia Travel, Stanmatt Soko, Neema Uhai Hospital, Nairobi West Hospital, Nairobi Women’s Hospital, Patabay Limited, Zawari Limited, and Zuri Mall, Generated $290,522 in revenue for 2021, a 14% increase year-over-year, Has been profitable the last two years, reporting net income of $20,032and $30,405 for 2021 and 2020, respectively