FlexM picks up $886k for financially inclusive digital wallet

Mobile wallet targeted at the underbanked FlexM has raised $886,000 in a seed round of funding from mobile payments platform MatchMove and a number of undisclosed investors.

FlexM will also partner with the fellow Singapore-based firm to expand its presence in the market.

The company’s mobile wallet is designed to offer financial inclusion to underbanked consumers such as migrant workers.

Its digital wallet can be connected to pre-paid MasterCards and used to remit money overseas.

Employers can also set up accounts for their employees and transfer salaries directly into accounts along with a proof of payment.

Through this connection to employers FlexM aims to differentiate itself from other digital remittances services in the region, such as Toast which closed a $1.5m seed round earlier in the month.

The startup is currently only operational in Singapore and lists Vietnam, the Philippines, Hong Kong and Thailand along its expansion road map.

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