Digital corporate services provider Sleek has raised US$23 million in a series B funding round led by Australian investment manager Ellerston Capital.

The funding round also included participation from SaaS company Money Forward.

Founded in 2017, Sleek provides services such as company incorporation, accounting, payroll, and tax compliance through its digital platform.

The company serves over 16,000 small and medium-sized enterprises (SMEs) annually in Singapore, Hong Kong, the UK, and Australia.

The new funding will be used to enhance Sleek’s automation-driven technology and expand its range of digital services.

The company plans to strengthen its presence in Australia and the UK while continuing to support its core markets in Singapore and Hong Kong.

🔗 Source: Sleek

🧠 Food for thought

1️⃣ SME digital transformation driving demand for integrated business solutions

Sleek’s funding reflects the broader acceleration of SME digitalization in Asia-Pacific markets following pandemic-driven changes in business operations.

Cash usage has plummeted across the region, with a projected 36.6% decline in cash transactions in Asia-Pacific by 2024, creating opportunities for integrated financial services like Sleek’s neobank offering1.

Filipino SMEs that invested in technology in 2024 saw a 69% improvement in profitability, exceeding the regional average of 56%, demonstrating the clear financial incentive for digital adoption2.

The timing of Sleek’s expansion aligns with significant growth projections for developing Asia, with the Asian Development Outlook forecasting 4.9% GDP growth in 2025, creating a favorable environment for business service providers3.

By combining corporate services with banking functionality, Sleek addresses a key pain point for SMEs that traditionally had to navigate multiple disconnected providers for their business needs.

2️⃣ The evolution from seed-stage startup to profitable market leader

Sleek’s growth trajectory illustrates the progression of a successful B2B SaaS company in the compliance tech space, growing from a $5 million seed round in 2017 to a $23 million Series B as a profitable enterprise in 20254.

Recent Sleek developments