[Spain] Payflow raises €6 million to expand flexible salary in Iberian and Latam markets

Payflow - a Barcelona-based flexible salary fintech - announced it had raised €6 million in a funding round to allow its continued growth in Spain, Portugal, and the Latam markets of Peru and Colombia, EU-Startups reports. 

The round was led by previous investors Seaya Ventures, Cathay Innovation, 6 Degrees Capital and Wayra. 

In addition, Payflow reportedly added new investors in US-based Thomson Reuters Ventures and Spain-based GED Conexo Ventures. Payflow expressed intentions to achieve profitability with the new capital increase and to deepen its market presence in the next five years. 

Payflow allows workers access to their earned salaries. The startup was founded in 2020 and now has 1,000 clients in Spain from companies such as Telefónica, Quirón, Decathlon, Alsa, Alcampo and Ilunion. The fintech currently generates more than €4 million in recurring annual income.

Speaking to Spanish media, Benoît Menardo - co-founder of Payflow - said, “The investment market is looking for efficient startups now, which is why we have become the best in terms of financial efficiency. We are still growing more than 100% year-on-year, but we no longer need external financing to maintain these rates of growth.”

Avinash Sukhwani - co-founder of Payflow - said, “Since our last round, we have signed many agreements, including exclusivity, with payroll software. This has given us an incredible competitive advantage and has practically allowed us to eradicate all the competition we previously faced. Additionally, we became the only provider in the benefits segment to offer both on-demand pay and flexible benefits, the two most popular employee benefits among blue-collar workers.”

Source: EU-Startups

(Link and quotes via original reporting)

Payflow - a Barcelona-based flexible salary fintech - announced it had raised €6 million in a funding round to allow its continued growth in Spain, Portugal, and the Latam markets of Peru and Colombia, EU-Startups reports. 

The round was led by previous investors Seaya Ventures, Cathay Innovation, 6 Degrees Capital and Wayra. 

In addition, Payflow reportedly added new investors in US-based Thomson Reuters Ventures and Spain-based GED Conexo Ventures. Payflow expressed intentions to achieve profitability with the new capital increase and to deepen its market presence in the next five years. 

Payflow allows workers access to their earned salaries. The startup was founded in 2020 and now has 1,000 clients in Spain from companies such as Telefónica, Quirón, Decathlon, Alsa, Alcampo and Ilunion. The fintech currently generates more than €4 million in recurring annual income.

Speaking to Spanish media, Benoît Menardo - co-founder of Payflow - said, “The investment market is looking for efficient startups now, which is why we have become the best in terms of financial efficiency. We are still growing more than 100% year-on-year, but we no longer need external financing to maintain these rates of growth.”

Avinash Sukhwani - co-founder of Payflow - said, “Since our last round, we have signed many agreements, including exclusivity, with payroll software. This has given us an incredible competitive advantage and has practically allowed us to eradicate all the competition we previously faced. Additionally, we became the only provider in the benefits segment to offer both on-demand pay and flexible benefits, the two most popular employee benefits among blue-collar workers.”

Source: EU-Startups

(Link and quotes via original reporting)