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September 20, 2023

Payflow Secures €20 Million Funding Boost from BBVA Spark

A vision of financial wellness, Payflow revolutionizes pay, instant salaries in EU & Latin America

Spanish fintech company Payflow is making waves in the European Union and Latin America with its innovative approach to on-demand salaries and flexible remuneration. With a mission to improve the financial well-being of workers, Payflow offers instant access to earned salaries and a range of financial services. Today, the company is celebrating a significant milestone, having inked a €20 million financing deal with BBVA Spark. This funding infusion marks a pivotal moment in Payflow's journey and paves the way for ambitious expansion plans that could reshape the financial wellness landscape.

This latest financing round with BBVA Spark follows previous successful funding efforts, including contributions from prominent investors like Y Combinator, Telefónica, and Plug&Play. With a total funding and debt accumulation surpassing €32 million, Payflow is poised to grow its business exponentially. Currently, boasting a team of over 70 employees spread across offices in Madrid, Barcelona, Lisbon, Bogotá, and Lima, Payflow has set its sights on conquering new horizons in Latin America.

Roberto Albaladejo, Head of BBVA Spark, expressed pride in partnering with Payflow, highlighting the company's remarkable growth trajectory. He emphasized Payflow's use of technology to simplify people's lives and enhance their financial health, emphasizing the accessibility of these benefits.

Benoit Menardo, co-founder of Payflow, underscored the importance of maintaining exceptional service quality for their customers. He expressed gratitude for the trust of investors and emphasized the role this financing plays in their expansion across Latin America and Europe, ensuring that workers can access their earnings with ease.

Avinash Sukhwani, also co-founder of Payflow, highlighted the company's growing success, with over 50,000 employees under their wing. He emphasized Payflow's uniqueness as a financial wellness SuperApp, offering flexible pay and on-demand salary access. The goal? To onboard 90% of the companies constituting the Ibex 35 index between 2023 and 2024.

Payflow, founded in 2020 in Barcelona by Benoit Menardo and Avinash Sukhwani, seeks to enhance the financial well-being of millions of workers. Their financial superapp offers a suite of four products—Payflow, Flexflow, Saveflow, and Learnflow—enabling employees to access earned salaries, save via a flexible remuneration card, automate savings with a virtual piggy bank, and acquire financial knowledge.

Notably, Payflow has integrated with over 50 payroll and HR software solutions, streamlining processes for businesses and reducing administrative burdens. A strategic alliance with global business management solutions provider Cegid further underscores Payflow's commitment to innovation and expansion.

With more than 800 clients globally, including notable names like Grupo Ilunion, Telefónica, Mango, and Pernod Ricard, Payflow's influence continues to expand. These partnerships attest to the company's commitment to reshaping the landscape of financial wellness for workers worldwide.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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