Sleek, a Singapore-based startup providing incorporation and accounting services for small and medium enterprises (SMEs) and entrepreneurs, has secured US$14 million in a Series A financing round.
The round is co-led by Jungle Ventures and global VC firm White Star Capital, which recently opened an office in Singapore.
It brings Sleek’s total capital raised to date to US$24 million.
Sleek intends to utilise the fresh funds to boost technology and product development and scale up the team for worldwide expansion in existing and new markets.
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Founded in 2017 by French entrepreneurs Julien Labruyere and Adrien Barthel, Sleek assists clients in managing back-office operations and seek expert advice from qualified professionals. It automates and integrates company setup, financial and regulatory reporting, bookkeeping, and banking services.
The startup recently developed Sleek Business Account, aiming to simplify opening bank accounts for SMEs.
Through the Sleek app, the firm claims to allow SMEs to open a deposit account in a day. Businesses can access account data and other company metrics on the Sleek dashboard to streamline bank reconciliation for accounting and bookkeeping purposes.
As per a press statement, Sleek manages a portfolio of over 5,000 businesses that produce US$700 million in sales and complete over 1.4 million accounting transactions in 2020.
Since its inception, Sleek has made inroads into Singapore, Hong Kong, Australia, the UK, and the Philippines. The firm now targets to expand to markets such as Australia and Europe, where the firm recently acquired Ltd Companies, also known as Fresh Startups (an incorporation management service provider in the UK) for an undisclosed amount.
The firm plans to integrate its products and technology stack into Fresh Startups’s existing offering to create a comprehensive SMEs operating system for UK entrepreneurs and enterprises.
The business also targets to launch solutions that deal with remittances and card issuing.
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Image Credit: Sleek
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