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Fintech startup raises seed funding to help unbanked migrant workers

Singapore-based FlexM announced today it has raised seed funding to the tune of US$886,000. The funding comes from Singaporean mobile payments provider MatchMove, with whom FlexM has inked a partnership deal, and a number of undisclosed private investors.

The startup offers its customers an ewallet that can be used for payroll, money remittance, and e-shopping. FlexM’s service includes a virtual prepaid MasterCard and up to four physical copies. It claims to offer more affordable remittance rates than established services like Western Union.

Read More: FlexM News

FlexM raises US$890K

FlexM has raised its first round of seed of funding, amounting to US$890,000. The company provides a mobile wallet that can be used for payroll, money remittance, and e-shopping.

It targets the underbanked, in particular, but also migrant workers, who can use the service to receive their salaries and remit money electronically. Every FlexM member can register up to four pre-paid virtual Mastercards in the mobile wallet.

FlexM also signed a partnership with Singapore’s MatchMove to allow it to expand its reach.

Read More: FlexM News