Seedflex Technologies secures seed funding from 500 Global to launch its shariah-compliant digital financing solution, PAYS Advance, across Southeast Asia, starting with Malaysia. PAYS Advance offers frictionless credit access for cashless merchants, aiming to empower MSMEs and bridge the digital credit gap in emerging markets.
18 April 2024 – Seedflex Technologies (Seedflex), a pioneering inclusive fintech company, has successfully secured seed funding from 500 Global to introduce its innovative shariah-compliant digital financing solution, “Pay-As-You-Sell Advance™” (PAYS Advance), across Southeast Asia, beginning with Malaysia.
PAYS Advance revolutionizes access to credit for cashless merchants, offering a frictionless line of credit that empowers businesses to maintain control over their capital and growth. With a dynamic credit solution that adjusts based on future revenue projections and a repayment mechanism via fractional deductions from future sales, merchants can access up to 10 weeks of sales revenue in advance. Seedflex’s transparent one-time flat fee ensures peace of mind for merchants, with no late fees, interest charges, or hidden costs.
Seedflex has initiated the rollout of PAYS Advance in Malaysia to support underserved micro, small, and medium enterprise (MSME) businesses in accessing credit. The company plans to extend the service to a broader spectrum of Malaysian cashless merchants across digital economy partner platforms later this year. Furthermore, Seedflex aims to introduce PAYS Advance to new Southeast Asian markets, including Indonesia and Thailand, in 2025.
In Southeast Asia, over 7 million cashless commerce MSMEs lack access to frictionless digital credit, a number projected to double by 2028 as more businesses transition to online and cashless payment methods. Seedflex’s PAYS Advance addresses this gap, enabling MSMEs to access credit based on their cashless commerce activities, thereby enhancing business growth opportunities.
Ritwik Ghosh, Co-Founder & CEO of Seedflex, emphasized the company’s mission to transform credit access for cashless commerce, leveraging innovative and transparent financing solutions to support merchant scalability and growth.
Sauvik Datta, Co-Founder & COO of Seedflex, highlighted the company’s commitment to bridging the digital credit gap in emerging markets, ensuring that every merchant, regardless of size, has equitable access to credit for business expansion.
Khailee Ng, Managing Partner of 500 Global, commended Seedflex for its transformative approach to financial infrastructure, noting the potential of PAYS Advance to stimulate economic growth, create jobs, and empower nations.
Seedflex stands out as an open platform designed to integrate seamlessly with multiple eCommerce platforms, ensuring comprehensive credit support for merchants beyond individual ecosystems, thus addressing the diverse credit needs of all businesses.
