Singapore FinTech firm Sleek has secured $5 million in debt financing, led by the Singapore-based Fintech Nation Fund, to power its continued growth.
Sleek said in a statement on last Thursday that this latest round of financing will help the firm continue growing in the markets it serves and expand its service offerings, all while maintaining the high standard of support its customers expect.
According to the firm, it has achieved profitability in Singapore during the second quarter, marking a key milestone in its journey in 7th year in business.
“Reaching profitability in Singapore is a significant achievement, but we’re not stopping there,
“With these newly secured funds, we’re doubling down on our growth initiatives across all our markets – Singapore, Hong Kong, Australia, and the United Kingdom,” the firm said.
Since it started in 2017, the firm has served over 15,000 businesses worldwide.
Over the past year, the firm has increased its client base by 30 percent without expanding its headcount.
“We’re thrilled to partner with Fintech Nation Fund and secure our first debt financing round,” the firm’s Co-Founder Julien Labruyere shared.
“This investment will accelerate our growth in a sustainable way, just as we’ve done over the past seven years,
“Achieving 30 percent year-on-year growth while reducing cash burn and improving customer satisfaction has been key to our success, and we’re ready to take things to the next level,” he added.
Vanessa Ho, Co-Founder of Fintech Nation Fund, also said that in today’s challenging economic climate, businesses like Sleek are proving that sustainable growth is possible with the right approach.
“We’re proud to support Sleek in this exciting phase of its journey,” she added.
Since its founding in 2020 by Varun Mittal, Fintech Nation has been focused on democratizing access to economic opportunities and driving digital transformation across Southeast Asia.
Its commitment is to supporting high-growth businesses aligns perfectly with Sleek’s mission.
As a leader in early-stage fintech investments, the fund is expanding its portfolio by supporting companies like Sleek that blend technology with exceptional customer service.
Thus, Fintech Nation’s ecosystem-building approach, which spans investments, advocacy, and industry leadership, makes it an ideal partner for Sleek as the latter continue to scale.
“Sleek’s innovative approach to back-office operations for small and medium-sized enterprises (SMEs) is the kind of forward-thinking solution we love to invest in,
“We’re excited to see how Sleek’s next chapter unfolds,” Vanessa Ho noted.
Sleek is a platform simplifies business management through a digital platform that handles company incorporation, accounting, tax, payroll, and more.
The firm currently operate in Singapore, Hong Kong, Australia, and the United Kingdom.