Sleek.com, a platform providing incorporation and accounting services for SMEs and entrepreneurs, has launched in the UK with £10.4 million funding.
It has announced the acquisition of Ltd Companies, a provider of UK incorporation management that has incorporated more than 450,000 companies since its foundation in 2005.
Sleek will add its stack to the existing Ltd Companies offering to build an SME operating system for UK-based entrepreneurs and businesses. Financial terms of the deal were not disclosed.
The Series A funding was led by White Star Capital and Jungle Ventures and brings the total capital raised by the company to $24m.
Founded in 2017 by Julien Labruyere and Adrien Barthel in Singapore, Sleek is a back-end operating system for start-ups and SMEs – a single platform to manage all back office operations and seek expert advice from qualified professionals.
The platform streamlines, automates and integrates company set-up, financial and regulatory reporting, book-keeping and banking services.
It recently launched ‘Sleek Business Account’ to simplify bank account opening for SMEs. The account details can also be viewed on the Sleek dashboard along with the other company metrics to streamline bank reconciliation for accounting and book-keeping purposes.
Additionally, the company is planning to release products addressing remittances and card issuance.
The company manages a growing portfolio of over 5,000 companies, which collectively generate about $700m of revenue, and has processed over 1.4m bookkeeping transactions in 2020.
Since inception, Sleek has expanded offices beyond Singapore to Hong Kong, Australia, UK, and the Philippines.
“We are very excited to partner with White Star Capital and Jungle Ventures as we are expanding our services and entering two new markets – Australia and the United Kingdom,” said Labruyere.
“This will allow us to grow faster and improve our product further in order to become the go-to digital platform for all entrepreneurs.”
Barthel added: “With the launch of Sleek Business Account, we have added a major brick in our product vision of building the Operating System for entrepreneurs.
“Gone are the days where you needed to navigate between your corporate secretary, accountant and banker – often sending documents hardcopies via courier. Now everyone can start a Singapore company and collect the first payments in a day, and from anywhere.”