Singapore’s Sleek banks $4m in Seeds Capital-led round

Singapore-based fintech startup Sleek said it has raised US$4 million in a round led by Enterprise Singapore’s investment arm Seeds Capital.

The round also saw participation from MI8 Limited, a Hong-Kong multi-family office, and angel investors such as Trafigura director Pierre Lorinet and Singapore Fintech Association co-founder Varun Mittal, according to a statement.

The Sleek team / Photo credit: Sleek

Founded in 2017, Sleek helps companies incorporate in both Singapore and Hong Kong and provides them with secretary, accounting, and compliance management services. The startup claims it currently generates almost US$10 million in annual recurring revenue, reaching an operating financial breakeven point a few months ago.

It plans to use the new funds to expand to new markets in Asia and further invest in its technology. Looking ahead to 2021, Sleek said it aims to double down on product development and growth, which includes launching new functionalities and new business verticals.

To date, the company said it has onboarded more than 3,000 companies, ranging from local startups and multinational corporation subsidiaries to VC funds and family offices.

“We see new opportunities created by the accelerated pace of digitization of business and processes amid the pandemic and are excited to support Sleek in its journey to introduce next-generation corporate and financial services to small and growing enterprises,” noted Seeds Capital general manager Geoffrey Yeo.

Late last year, Sleek announced a US$5 million fundraise in an extended seed round led by Asia-focused private investment firm MI8, Trafigura’s Lorinet, and angel investor Fabio Blom. At the time, the company said it had served over 2,000 clients.