BBVA Spark and Payflow close a financing agreement of up to 20 million to boost their international growth
BBVA Spark has closed a financing agreement of up to 20 million euros with Payflow, the leading Spanish fintech in on-demand salary 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. With this line of financing made available through the new Fence debt platform, Payflow will exceed 32 million euros in investment and debt rounds, and will be consolidated as the best-funded on-demand salary startup in the European Union.
In a first phase, the fintech had raised more than 12 million euros in financing, with investors such as, Y Combinator, Seaya Ventures, Cathay Innovation, Telefónica, Plug&Play, Rocket Internet, among others.
With this capital injection by BBVA Spark, Payflow’s goal is to grow up to 10 times more. The company’s mission since its inception has been to bring financial well-being to millions of workers and quickly positioned itself as one of the most interesting social benefits that companies offer to their employees. In the same SuperApp there are four products (Payflow, Flexflow, Saveflow and Learnflow), which allow employees to access their already accrued salary, save on payments through a flexible remuneration card, save on an automated virtual piggy bank and learn good financial practices. Payflow is the only provider in the world to offer on-demand salary and flexible remuneration on the same platform.
“We are very proud to accompany Payflow in its growth plans, a company that is experiencing rapid growth in both Spain and Latin America and that, through technology, is making people’s lives easier, while taking care of their financial health, something that should be available to everyone,” explains Roberto Albaladejo, head of BBVA Spark.
Founded in 2020, in Payflow it is the companies that pay for the service through a monthly subscription, which means that it is completely free for workers. 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, which allows them to automate their processes, eliminating administrative burdens for companies. Recently, they announced a strategic alliance with Cegid, a global provider of cloud business management solutions for the finance (Treasury, Taxation and ERP), human resources (Payroll, Talent Management), accounting, retail, entrepreneurs and small businesses sectors, which exceeds 8,000 customers and processes more than 25 million payrolls worldwide.
Another of the great differences with respect to its competitors is that Payflow does not alter the cash flows of the companies that incorporate this benefit, and in this sense, the financing will allow them to cover all the transactions carried out by its more than 500,000 users in salary on demand and flexible remuneration.
Currently, they have more than 800 customers worldwide, such as Grupo Ilunion, Telefónica, Mango, Alcampo, Grupo Hospitalario Quirón, Webhelp, ISDIN, NH Hoteles, Hoteles Globales, Grupo Tendam, Navantia, Pernod Ricard, among others. They have already exceeded 70 employees and have 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.
For his part, Benoit Menardo, co-founder of Payflow, stressed that this round will allow them to continue offering an exceptional service to their customers “We are very grateful for the trust of our investors. The growth of Payflow has been exponential and a fundamental part of that is the quality of our service, a very powerful differential with respect to the other competitors in the market. Our expansion plans in Latin America and Europe continue, we will not stop until all workers can enjoy more flexibility in the collection of their payroll. This alliance and financing of BBVA Spark will play a key role for us”
Avinash Sukhwani, also co-founder of Payflow, highlighted the success they are having “We have closed companies with more than 50,000 employees and we are increasingly positioning ourselves as the most complete financial welfare SuperApp on the market. Our product is unique in the world, because we include the two social benefits most sought after and valued by workers: flexible pay and on-demand salary. Our forecast is to have dozens of the companies that make up the Ibex 35 as customers between 2023 and 2024. We are on a very good way to get it.”
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