Read more about FlexxPay's latest announcements, product updates, partnerships and press.
FlexxPay to launch new innovation centre in Lebanon
FlexxPay will launch a new innovation centre in Beirut, Lebanon, to support its strategic growth aspirations across the region. The centre will be launched in February 2020 and complement the company’s existing outsourced software development house in Serbia to focus on technological innovation in core areas such as Platform Development, Business Intelligence, Bots and Mobile Applications. “Setting up the development center in Lebanon is a strong empowerment to our business in addition to our existing software development partner in Serbia. Our strategy is to become the leading technology firm providing employee benefits solutions to corporates in the region and beyond. For that we are setting strong foundations in every aspect of our business,” said Charbel Nasr, Chief Technology Officer and Co-founder of FlexxPay. “Access to the right talents, which are plentiful in Lebanon, will strengthen our capabilities to develop our technology stack and ensure we have the capacity to accelerate our product roadmap while maintaining a secure and robust application,” Nasr added. FlexxPay plans to partner with SE Factory, a leading talent accelerator program in Beirut, to attract and onboard the best software development talent in the market. The company is currently hiring full stack developers with different levels of expertise to drive its Microservices based Web/Native Mobile applications, Artificial Intelligence and Business Intelligence platforms. “We are looking forward to collaborating with FlexxPay being one of the leading fintech companies in the region. We work with several global high-tech firms and they are always impressed with how qualified and cost-effective Lebanese tech talent is. We are excited to help FlexxPay grow their team and reach new heights,” said Fadi Bizri, Co-Founder of SE Factory.
FlexxPay’s launches its mobile app for iOS and Android
The easiest, most secure and fastest way to access your earned salary and commission whenever you need it. FlexxPay released the app on both iOS and Android. The app is available to download for anyone. Employees can access their earned income instantly, once the employer is enrolled to FlexxPay. With FlexxPay’s app, employees can immediately address urgent expenses by accessing a portion of their already earned salary. Employees working in sales used to wait many weeks before receiving their commissions. Now with FlexxPay’s app they can access them instantly. Track earned salary & commissions and transfers them in real-time. You can also create a savings plan to save money as you work. FlexxPay's platform helps companies increase employee productivity, retention rates and sales.
Wamda invests in UAE-based fintech startup FlexxPay
Wamda, the Middle East region's leading startup ecosystem enabler, has invested in UAE-based financial technology (fintech) firm FlexxPay (flexxpay.com). The social impact company provides employee benefit solutions for businesses of all sizes in the MENA region. Wamda's investment is part of FlexxPay's latest round of funding, which includes previous individual and corporate investors. FlexxPay's proprietary cloud-based solution provides employees access to a series of services and benefits, including the ability to access their earned salary and earned commissions whenever needed. By offering an alternative to the traditional payment cycle, FlexxPay aims to reduce the financial stress on employees and increase their motivation, and in turn, enhance productivity, sales and employee retention rates for businesses. “FlexxPay is targeting a very clear pain point with an innovative and unique solution that will help unlock individuals’ income on an as-earned basis. We are confident in the team’s ability to drive the company forward and are excited to partner with them on that journey,“ said Fadi Ghandour, executive chairman at Wamda. Commenting on the business and Wamda’s investment, Michael Truschler, co-founder and CEO of FlexxPay said, “FlexxPay solves a real world problem for employers and their employees. Giving employees access to what they have already earned helps them to cover unexpected expenses and motivates them at the same time. Having Wamda as an investor further validates our business model and inspires our team as a whole”. Financial matters rank top of the list for employees when it comes to primary sources of stress, with 59 per cent stating finances were their primary cause of concern, according to “PwC's 8th annual Employee Financial Wellness Survey” of 2019. This has created a space for fintech startups to address employee benefits and create a system supporting traditional human resources (HR) and finance teams in addressing pay period timing and bridging the gap between pay and spend times for employees. The model has widely been proven in the US and Europe with players such as Earnin (US), PayActiv (US) as well as Wagestream (UK) and Hastee (UK). FlexxPay currently operates in Germany, the UAE and Saudi Arabia, with plans to expand to the rest of MENA in the near future. The team will use the funds to enhance its technology platform and will focus on onboarding corporate clients. FlexxPay previously raised an undisclosed funding round in July 2019 and recently signed a partnership agreement with Riyad Bank, one of Saudi Arabia’s largest financial institutions.
FlexxPay and Riyad Bank Sign Strategic Partnership Agreement
FlexxPay, a technology company with offices in Europe and the GCC, and Riyad Bank, one of the largest financial institutions in the Kingdom of Saudi Arabia, signed a partnership to offer a comprehensive employee benefits solution for corporates to significantly increase their employee productivity and retention rates The partnership will reinforce Riyad Bank’s position as a technology leader in innovative banking services in the Kingdom of Saudi Arabia and expand FlexxPay’s customer portfolio in the country. Riyad Bank will offer FlexxPay’s employee benefits platform as an integrated solution to its corporate customers seeking to improve and enhance their respective employee productivity, engagement and retention rates. Companies that enroll on the platform enable their employees to access a portion of their already earned salary, whenever needed. Employees with commission-based salaries will also have immediate access to already-earned commissions instead of traditionally waiting several months to collect. The platform can be accessed through web, mobile App and WhatsApp. FlexxPay and Riyad Bank plan to further develop innovative banking related products that are driven by technology. FlexxPay is a cloud-based technology solution that improves employee productivity and retention rates for businesses by removing financial stress from employees and giving them instant access to earned commissions. With FlexxPay, employers can directly invest in their most valuable asset, their employees. FlexxPay’ employee benefits platform reduces the workload on companies’ HR and finance teams by automating and digitizing processes.
FlexxPay and Nasco Middle East enter strategic partnership to create the region’s most powerful employee benefits platform
FlexxPay, a social impact fintech company with offices in Europe and MENA, and Nasco Middle East, a leading insurance brokerage firm, signed a strategic partnership today that will see both companies mutually benefit from each other’s services and solutions to grow their customer base and respective businesses. The companies will create a unique integrated service and product offering that will be available to Nasco Middle East’s corporate clients at exclusive rates. Selective Nasco Middle East insurance products will be added to FlexxPay’s employee benefits platform in order to offer its clients a fully digitized customer journey. “FlexxPay and Nasco are companies at the forefront of technology and innovation in their respective fields and through this partnership, we will be able to we deliver a first-class product and user experience to customers,” said Michael Truschler, Co-Founder & CEO of FlexxPay. FlexxPay’s mission has always been to increase employee productivity and retention rates for companies while driving social impact within the business community by solving the pay frequency problem for employees. This agreement today will play a big role in helping us achieve this.” Commenting on the agreement between the two companies, Karim El Zyr, General Manager of Nasco Middle East said, “Our claim at Nasco is to always provide our customers with the best possible products and services. A key part of this is to digitize the customer experience and offer our customers added value that they cannot get anywhere else - that’s why FlexxPay is the ideal partner for us.” FlexxPay is a cloud-based technology solution that improves employee productivity and retention rates for businesses by removing financial stress from employees. With FlexxPay, employers can directly invest in their most valuable asset, their employees. The solution comes at no running cost to the employer and there is no system integration needed. FlexxPay’ employee benefits platform reduces the workload on companies’ HR and finance teams by automating and digitizing processes. Nasco Middle East is a regional insurance powerhouse with a network that spans 14 operations in nine countries. Its operations cover a wide array of industries and in 2018, the company did over AED 922 million in premiums. As part of the agreement, Nasco will make FlexxPay’s employee benefits platform available to all its employees. FlexxPay recently signed a similar partnership agreement with Merit Incentives to offer additional employee benefits to their corporate clients in the GCC and MENA region. Merit provides rewards and incentives across 60 countries worldwide and offers a SaaS employee engagement and sales incentives technology solution to corporate clients.
FlexxPay signs strategic partnership agreement with merit incentives to build employee benefits powerhouse in the MENA region
Social impact company FlexxPay.com and MeritIncentives.com are combining forces to offer a comprehensive employee benefits and engagement platform to their corporate clients in the GCC and MENA region. The companies signed an exclusive partnership agreement with the intention to combine their sales and marketing efforts while integrating their service offerings on the respective other platform. FlexxPay is a cloud-based technology solution that employers can offer to their employees to help overcome financial shortfalls between paydays. With FlexxPay, employers can directly invest in their most valuable asset – their employees. The solution comes at no running cost to the employer and there is no system integration needed. Merit provides rewards and incentives worldwide and offers a SaaS employee engagement & sales incentives technology solution to corporate clients. Companies can issue points to rewards employees’ best behaviors and allow their redemption for gift cards, merchandises, non-monetary rewards and experiences to their employees and setup a complete employee engagement platform with Merit. FlexxPay and Merit Incentives both target corporates that have a strong interest in providing unique benefits to their employees through technology in order to increase engagement, productivity and retention. Commenting on the agreement between the two companies, Michael Truschler, co-Founder and CEO of FlexxPay said, “Our vision at FlexxPay is to become the top choice for companies in the GCC, MENA and worldwide when they are in search of an employee benefits solution. We enable employers to give their employees access to a portion of their already earned salary whenever they need it. Through Merit Incentives we will be able to add valuable benefits to our platform in the form of rewards, gift cards, loyalty points and engagement programs. That’s exactly what our customers are looking for. They want to increase employee engagement, productivity and retention. We are very excited about this new partnership.” Julie Leblan, Founder and CEO of Merit Incentives added, “At Merit we strive to provide to our customers the best gifts, rewards & engagement strategies through technology. The partnership with FlexxPay enables us to add a unique value proposition to our existing clients and prospects. Merit and FlexxPay have the same target audience and complementary products – so it simply makes sense to combine forces.”
They’ve earned it, they deserve it!
Social impact firm FlexxPay.com has raised funding from a group of individual and corporate investors to rollout its financial wellness platform that enables companies to offer salary access to employees for their already earned income. The launch of the service in the UAE (and KSA in Q4, 2019) follows massive success of similar platforms in the US and UK, and FlexxPay is the first entity of its type in the GCC to empower employers with an instant and dynamic salary payment platform. FlexxPay acts as an agent between employers and their employees, transferring through ADCB a portion of already earned salaries on behalf of the employer In a traditional pay cycle, an employee receives a salary at the end of each month. This traditional method of payment fails many paid workers, with more than 50% of the workforce across the region living from payday to payday, unable to cover unexpected expenses that may arise during a month. For many, that means skipping meals, selling possessions, taking on extra work or contemplating other extreme measures. FlexxPay is a cloud-based technology solution that employers can offer to their employees to help overcome financial shortfalls between paydays. With FlexxPay, employers can directly invest in their most valuable asset – their employees. The solution comes at no running cost to the employer and there is no system integration needed. Utilizing the FlexxPay platform, employees can easily access a portion of their already earned but currently unpaid salary at zero interest rate, paying a fixed nominal transaction fee. They can perform bank transfers, start a savings plan and more in a safe and secure environment. Accessed amounts and fees are then paid by the employer to FlexxPay during the salary cycle at the end of the month, while the employees receive their salaries less the amounts and fees already paid out to them earlier in the month. FlexxPay was co-founded by successful Dubai-based entrepreneur Michael Truschler who previously launched citrussTV, the leading regional TV shopping channel, and Charbel Nasr who held the role of COO at citrussTV for several years before joining FlexxPay. Commenting on the business, Michael Truschler, co-Founder and CEO of FlexxPay said, The problem of salaries being paid only monthly while expenses occur every day, deserves a solution. It’s the reason we do what we do. Our mission is to fix the pay frequency problem at its root by providing businesses and their employees with an instant pay platform. We empower those who need it the most to access a portion of their already earned salaries whenever they need to. Working together with ADCB as one of the most reputable banks in the region has enabled us to offer the services in a fully automated way. Truschler continued, “FlexxPay offers its platform at no running cost and no risk to companies. Businesses that onboard to the FlexxPay platform will benefit substantially from increased productivity, engagement and retention, as employees are motivated and are better able to focus on their jobs. Employees will warmly welcome the solution because it provides instant access to funds, removing costly personal loans or stressful levels of indebtedness.”