Seedflex Closes $3.2M Funding Round to Drive Regional Growth, Eyes Indonesia Launch

Singapore fintech startup Seedflex has raised US$3.2 million in an extended seed funding round, with Z Venture Capital (ZVC). Iterative led the investment. The round also included contributions from returning investor 500 Global along with various strategic angel investors.

Founded by former Grab executives, Seedflex aims to support underserved micro, small, and medium enterprises (MSMEs) across emerging Asian markets. The new capital will fund its regional expansion, including a planned entry into Indonesia later this year, following its rollout in Malaysia in 2023.

Launched in Malaysia in June 2024, Seedflex offers a credit solution called “Pay-As-You-Sell Advance” (PAYS Advance), which tailors loan amounts and repayments based on a merchant’s real-time sales performance. The company has also introduced an embedded credit API, enabling distribution partners to integrate the service directly into their own platforms.

Since its launch, Seedflex has extended credit to over 5,000 merchants in Malaysia through partnerships with more than 10 local payment and commerce platforms, including Curlec, senangPay, EasyEat, CHIP, and ipay88. These collaborations connect Seedflex to a network of approximately 80,000 micro, small, and medium-sized enterprises (MSMEs) across the country.

The company reports an average monthly revenue growth of 35% and expects to reach breakeven in Malaysia by mid-2025. It is targeting to onboard 50,000 merchants in Malaysia by the end of next year, reflecting its confidence in product-market fit and demand for flexible credit solutions.

With the fresh funding, Seedflex is preparing to expand into new Southeast Asian markets, beginning with Indonesia later this year. The country’s large population and rapidly digitizing economy make it a strategic next step for the company’s regional ambitions.

Co-founder Ritwik Ghosh emphasized the need for accessible credit amid ongoing economic uncertainty, particularly for MSMEs that often struggle with financing. “Now more than ever, we want to bridge this gap to ensure entrepreneurs of all backgrounds have the same opportunities to access capital,” he said.

Brian Ma, General Partner at Iterative, highlighted the founders’ deep experience in embedded finance from their time at Grab. He said Seedflex is unlocking flexible and responsible credit for underserved businesses in Southeast Asia by leveraging real-time cash flow data and distributing through platforms merchants already use. “We believe embedded lending is a gateway to much larger opportunities, and Seedflex is the right team to lead this effort,” he added.