Spanish fintech Payflow is known for on-demand salaries and flexible remuneration in the European Union and Latin America. It allows instant access to the salary corresponding to the days of the month worked by the employees.
Today, the company has signed a financing agreement of up to €20 million with BBVA Spark. Previously, it raised over €12 million from investors such as Y Combinator, Telefónica (which backed Raylo and Red Sift), and Plug&Play, among others. With this, to date, Payflow has secured a total of over €32 million in funding and debt.
Payflow aims to grow its business tenfold with the fresh capital injection. With over 70 employees, the company has offices in Madrid, Barcelona, Lisbon, Bogotá and Lima. In addition, they plan to open a new large market in Latin America in the coming months.
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.”
Benoit Menardo, co-founder of Payflow, emphasised 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.”
On-demand salary and flexible compensation
Payflow was founded by Benoit Menardo and Avinash Sukhwani in 2020 in Barcelona. The company’s mission is to bring financial well-being to millions of workers. It has quickly positioned itself as one of the most interesting social benefits that companies offer their employees.
In its financial superapp there are four products – Payflow, Flexflow, Saveflow and Learnflow that allow employees to access their already earned salary, save on payments through a flexible remuneration card, save in an automated virtual piggy bank and learn good practices financial.
Being completely free for employees, Payflow has developed integrations with over 50 payroll and HR software such as SAP, Cegid Peoplenet, Sage, A3, Factorial, Personio, among others. It allows them to automate their processes, eliminating administrative burdens for companies.
Recently, the company announced a strategic alliance with Cegid, a global provider of cloud-based business management solutions for the finance, human resources, accounting, retail, entrepreneurs and small businesses sectors. It serves more than 8,000 clients and processes more than 25 million payrolls worldwide.
Currently, it has over 800 clients globally, such as Grupo Ilunion, Telefónica, Mango, Alcampo, Grupo Hospitalario Quirón, Webhelp, ISDIN, NH Hoteles, Hoteles Globales, Grupo Tendam, Navantia, Pernod Ricard, among others.