Sleek Secures Payments License in Singapore

FinTech startup Sleek, an all-in-one digital platform for small businesses, was granted a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), which will give it the ability to expand its business account services to a wider base of clients.

Sleek is the first FinTech company in Singapore offering incorporation and accounting services to receive the MPI license, according to a company blog post on Thursday (July 7).

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Founded in 2018 by French entrepreneurs CEO Julien Labruyere and Chief Growth Officer Adrien Barthel, Sleek aims to revolutionize how entrepreneurs operate their businesses. The company helps startup founders register their companies, manage governance and handle accounting and tax compliance online.

“Being granted the MPI license by our financial regulator is a testament to the trust our customers, investors and partners have placed in our financial security standards and compliance levels. We intend to make good use of the license and continue supporting the underserved market segment of early-stage entrepreneurs with simple and fully digital FinTech services, whilst growing our overseas markets from our base in Singapore,” Labruyere said.

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The Sleek Business Account is one of many services the company offers to small- to medium-sized businesses (SMBs) to simplify back-office processes. Aside from incorporation, accounting, taxation, corporate secretarial services and CFO-as-a-Service, Sleek now offers business account and debit card issuance, as well as local and cross-border payments and collections.

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“With the MPI license, we are excited to continue delivering best-in-class, end-to-end business account solutions for entrepreneurs. In the coming months, we look forward to enhancing our business account offering with multi-currency accounts, better cross-border transfers experience, and more debit card enablement,” said Pauline Sim, head of FinTech and partnerships at Sleek.