Sleek’s investment round was led by SEEDS Capital, the investment division of Enterprise Singapore. Other individuals and organizations also took part in the round including MI8 Ltd., a Hong Kong-based family office, and investor Pierre Lorinet, who’s a board member at Enterprise Singapore.
Julien Labruyere, CEO at Fintech firm Sleek, said that it was really humbling to experience the steady growth they’ve seen at Sleek during the past few years, especially during the COVID-19 pandemic – which has actually been a “growth catalyst for fully digital players like us.”
In statements shared with the French Chamber of Commerce in Singapore, Labruyere noted:
“Ultimately, we envision Sleek to be the go-to digital platform for all entrepreneurs setting up in Singapore, Hong Kong and beyond.”
Labruyere also mentioned that the capital raised would be used by the firm to further expand into new markets across Asia. The company will also develop various digital tools which will focus on complementing corporate and financial services for small businesses.
Sleek’s management stated that they intend to provide various Cloud-powered services, which would include solutions for company incorporation and for adhering to compliance requirements. They will also offer digital accounting and tax filing tools in Hong Kong and Singapore.
As stated on the Enterprise Singapore official website, it’s the “government agency championing enterprise development.” The website also notes that the organization aims to support the ongoing growth of Singapore as a major hub for global trading and early-stage firms and works to establish trust in the city-state’s products and services.
Singapore’s economy has been expanding rapidly, with around 1.4 million foreign workers. This means that the nation’s residents will need reliable mobile payments platforms and remittance solutions so that the workers are able to send money back home to family members.
As reported in August 2020, TrueMoney, a Southeast Asian Fintech firm, had teamed up with Singapore-based Thunes, a cross-border payment company, in order to expand its remittance services. Through the partnership, TrueMoney customers will be able to accept remittance payments from anywhere in the world via Thunes’ international partner network, which covers over 100 countries and in 60 different currencies.