FlexPay Raises $1.1M During SAFE Round of Bridge Financing in Response to Increasing Demand
Birds of a feather invest together.
So when the chance recently arose for an intimate flock of such birds to secure shares of FlexPay for an undisclosed future valuation, they flapped with fury!
Over the past twelve months, the number of seasoned angel investors expressing a desire to fund FlexPay’s future growth has consistently grown. In response to this serious interest, in September 2018 we opened up an opportunity for angels to invest in a SAFE (Simple Agreement for Future Equity) round of bridge financing.
“We had originally targeted to raise only $750K but the demand was so strong that we ended up raising the cap to $1.1M to make room for most of them.”CEO Darryl Hicks
“Almost every investor comes from the financial services industry—which I’m very proud of—as they truly understand the value of what we’re building, believe in the vision, and are excited to be a part of it,” Hicks added.
Securing outside investment is always reassuring, but when other people’s money comes from experts in fintech, it’s an entirely different level of validation.
This round of SAFE bridge financing will provide FlexPay with the extra time needed to choose the perfect Venture partner for our approaching Series A.
Channel Partnerships Expanding
Several new channel partners signed during the same period.
Channel partners are a vital part of FlexPay’s sales strategy, generating over 60% of our current Monthly Recurring Revenue (MRR).
Increasing both the quantity and quality of our approved channel partners is an immediate priority to ensure sustained growth in our revenue base.