SG fintech firm rakes in $25m more in series A extension round

Sleek, a Singapore-based fintech firm, has raised an additional US$25 million in a series A extension round that was joined by EDBI and some existing investors. The round comes after Sleek raised US$14 million in its series A round led by White Star Capital and Jungle Ventures last month.

The Sleek team / Photo credit: Sleek

Sleek makes it easier for a company to manage registration, bookkeeping, taxes, and payroll processes by providing purely digital services aimed at SMEs. The firm said its portfolio has more than 5,000 clients who generate US$10 million in annualized recurring revenue.

The company was founded in 2017 by Adrien Barthel, formerly chief marketing officer at Sephora, and Julien Labruyere, former Flybits vice president.

Sleek will use the fresh funds to bolster tech and product development, hire new talent, expand its presence in existing markets, and enter new markets.

Recently, the startup started offering free business accounts to all of its clients. The Singapore dollar deposit accounts – with automated bookkeeping – collect and process payments. The company also added payment cards to its offerings this month, allowing business owners to easily pay vendors or issue cards to all of their employees for easy expense management.

“Since day one, our mission has been to allow anyone to start a business quickly and easily. With the latest addition of the business account feature, now more than ever, we are enabling ideas to become great businesses, without the friction and inefficiency that paper-based and offline processes bring,” said Barthel, also Sleek’s chief growth officer.

See also: Series SEA: Who’s investing in the region’s fintech startups?