Payflow, the Barcelona-based fintech leader in on-demand salaries and flexible remuneration in the European Union and Latin America, which allows instant access to the salary corresponding to the days of the month worked signed a financing agreement of up to €20 million with BBVA Spark. Founded in 2020 and initially raising over €12 million from investors like Y Combinator, Telefónica, and Plug&Play, among others, Payflow has now accumulated more than €32 million in funding and debt rounds since its inception in 2020.
With this capital injection from BBVA Spark, Payflow aims to grow its business tenfold. Since its inception, the company’s mission has been to bring financial wellness to millions of employees, quickly positioning itself as one of the most interesting social benefits that companies offer their employees. Four products (Payflow, Flexflow, Saveflow and Learnflow) are housed in a single SuperApp, allowing employees to access their accrued pay, save on payments through a flexible pay card, save in an automated virtual piggy bank and learn good financial practices. Payflow is the only provider in the world to offer on-demand pay and flexible compensation on a single platform.
Roberto Albaladejo, Head of BBVA Spark, stated: “We are very proud to accompany Payflow in its growth plans, a company that is experiencing rapid growth both in Spain and in Latin America, and that is using technology to make people’s lives easier while taking care of their financial health, something that should be within everyone’s reach.”
Founded in 2020, at Payflow, it is the companies that pay for the service through a monthly subscription, which means it is completely free for employees. In addition, they have developed integrations with more than 50 payroll and HR software such as SAP, Cegid Peoplenet, Sage, A3, Factorial, Personio, among others, allowing them to automate their processes and eliminate the administrative burden for companies. Recently, they announced a strategic alliance with Cegid, a global provider of cloud-based business management solutions for finance (Treasury, Tax and ERP), human resources (Payroll, Talent Management), accounting, retail, entrepreneurs, and small businesses, which has more than 8,000 customers and processes more than 25 million payrolls worldwide.
Another major difference with respect to its competitors is that Payflow does not alter the cash flow of the companies that include this benefit, and in this sense, the financing will allow them to cover all the transactions made by its more than 500,000 users in salary on demand and flexible remuneration.
Payflow has gained significant attention in the financial technology sector, securing spots on various top-10 lists including fast-growing startups and promising Spanish startups to watch in 2022. They currently have over 800 clients worldwide, such as Grupo Ilunion, Telefónica, Mango, Alcampo, Grupo Hospitalario Quirón, Webhelp, ISDIN, NH Hoteles, Hoteles Globales, Grupo Tendam, Navantia, Pernod Ricard, among others. It already has more than 70 employees and offices in Madrid, Barcelona, Lisbon, Bogota, and Lima, and plans to open a new large market in Latin America in the coming months.
Benoit Menardo, co-founder of Payflow, emphasized that this round will allow them to continue to provide exceptional service to their customers: “We are incredibly grateful for the confidence of our investors. Payflow’s growth has been exponential and a fundamental part of that is the quality of our service, an extraordinarily strong differentiator from other competitors in the market. Our expansion plans in Latin America and Europe continue, and we will not stop until all workers can enjoy more flexibility in collecting their paychecks. This alliance and BBVA Spark’s financing will play a key role for us.”
Avinash Sukhwani, also co-founder of Payflow, noted their success: “We have signed companies with more than 50,000 employees and are increasingly positioning ourselves as the most complete financial wellness SuperApp on the market. Our product is unique in the world because we include the two benefits employees most want and value: flexible pay and pay on demand. Our forecast is to have 90% of the companies that make up the Ibex 35 as clients between 2023 and 2024. We are well on our way to achieving this.”
To gain deeper insights into Payflow straight from the founders, don’t miss our revealing interview.
Read the orginal article: https://www.eu-startups.com/2023/09/barcelona-based-payflow-secures-e20-million-to-further-expand-with-its-financial-well-being-solution/
