Barcelona-based Payflow secures €20 million to further expand with its financial well-being solution
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. 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. 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. 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.
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