Singapore-based fintech startup Sleek has raised around $14 million in a fresh funding round, media reports said. The funding round was led by led by White Star Capital and Jungle Ventures. So far, the startup raised $24 million in separate funding rounds.
Sleek has developed a back-end operating system platform that handles everything from incorporation, government, accounting, taxes and visas to regulatory compliance. According to the company, the funds will be used to bolster technology and product development.
At the same time, Sleek will also look to improve the size of its team and expand its presence in existing markets and enter new markets such as Australia and the UK.
Sleek manages a portfolio of more than 5,000 companies. In 2020, the startup handled over 1.4 million bookkeeping transactions and recorded around $700 million of revenue.
Last year, Sleek raised $4 million in venture funding for its efforts to take on the traditional corporate services industry. The funding round was led by SEEDS Capital, the investment arm of Enterprise Singapore.
Julien Labruyere, chief executive at Sleek told the media, “It has been extremely humbling to experience the growth we’ve seen at Sleek over the last three years, even more so amidst the global pandemic, which has been a growth catalyst for fully digital players like us.”
“Ultimately, we envision Sleek to be the go-to digital platform for all entrepreneurs setting up in Singapore, Hong Kong and beyond.”