Barcelona-based fintech company, Payflow, recently secured €20 million in funding from BBVA Spark. This funding will be used to expand Payflow’s financial well-being solution, providing on-demand salaries and flexible remuneration to employees in the EU and Latin America.
Introducing Payflow’s Financial Well-Being Solution
Founded in 2020, Payflow offers a financial well-being solution that aims to bring financial wellness to employees. Their mission is to provide employees with quick access to their earned pay and financial tools. Payflow has gained attention in the fintech sector and secured spots on top-10 startup lists.
Overview of Funding
Payflow secured €20 million in funding from BBVA Spark, a major player in the financial industry. This investment will help Payflow expand its operations and provide their solution to more employees. It reflects confidence in Payflow’s growth potential.
Background on Previous Funding
Since 2020, Payflow has raised over €32 million in funding and debt rounds. Initial funding of €12 million came from investors like Y Combinator and Telefónica. BBVA Spark’s recent funding solidifies Payflow’s position and supports its expansion.
Founding and Initial Funding
Founded by Benoit Menardo and Avinash Sukhwani, Payflow recognized the need for quick pay access and flexible compensation. Initial funding of €12 million laid the foundation for their financial well-being solution.
Total Funding and Debt Rounds
Payflow has raised over €32 million since 2020. This capital supported their growth, expansion, and the recent €20 million funding from BBVA Spark.
Payflow’s Ambitious Growth Goal
With BBVA Spark’s funding, Payflow aims to grow its business tenfold, becoming an industry leader.
Mission: Financial Wellness for Employees
Payflow’s mission is to bring financial wellness to employees by providing on-demand pay and flexible compensation, empowering them to manage their finances effectively.
Payflow as a Valuable Employee Benefit
Payflow is positioned as a valuable employee benefit, promoting financial wellness and enhancing company culture.
Payflow’s SuperApp and Four Products
Payflow offers its solution through the SuperApp, housing four core products: Payflow, Flexflow, Saveflow, and Learnflow. These address different financial needs.
Payflow’s Unique Offering
Payflow stands out as the only platform offering on-demand pay and flexible compensation in one place.
BBVA Spark’s Investment
BBVA Spark’s €20 million investment supports Payflow’s expansion and development.
Statement from Roberto Albaladejo
Roberto Albaladejo, Head of BBVA Spark, praised Payflow’s growth and its technology’s positive impact on financial health.
Payflow’s Business Model
Companies pay a monthly subscription for Payflow’s services, making it a cost-effective employee benefit.
Integration with Payroll and HR Software
Payflow’s integration with over 50 software providers streamlines processes for companies.
Strategic Alliance with Cegid
A strategic alliance with Cegid, a global business management solutions provider, strengthens Payflow’s market position.
Advantages of Payflow
Payflow offers comprehensive solutions, integrates with existing software, and doesn’t disrupt companies’ cash flow.
Transaction Coverage and Rapid Growth
Payflow’s €20 million funding covers all transactions, serving over 500,000 users. Its rapid growth has attracted 800 clients globally.
Expansion Plans
Payflow plans to expand in Latin America and Europe, aiming to have 90% of Ibex 35 companies as clients by 2024.
In Conclusion
Barcelona’s Payflow secured €20 million funding from BBVA Spark, positioning itself for substantial growth. Its comprehensive financial well-being solution and strategic partnerships differentiate it in the market. With expansion plans, Payflow is poised for further success in fintech.
