Financial wellbeing platform Payflow has secured €8m in financing to support its growth in Spain and other international markets.
As part of its internationalisation efforts, Payflow has started operations in Chlie and Colombia and is looking to launch in two more countries this year. The company is also looking to release two products. Its goal is to become a neobank in the coming years.
Payflow claims the investment makes it the best funded on-demand salary solution in the EU. It also claims to be the only on-demand salary solution in Spain that never charges employees. Instead, the business model relies on a monthly fee paid by client companies.
The investment was supported by Seaya Ventures, Cathay Innovation, YCombinator and Rebel Fund
Payflow, which was founded in 2020, currently has over 175 clients in Spain, including Scalpers, Covirán, Aristocrazy and Grosso Napoletano.
Cathay Innovation managing partner Jacky Abitbol said, “We see the great market potential of the Earned Wage Access sector especially in the LatAm regions where there remains an impressive number of individuals underserved by traditional finance.
“With impact investing at the core of our investment philosophy, we trust Payflow’s outstanding executive team to sustain their impeccable growth trajectory by bringing financial wellness to workers, and our global ecosystem is right here to support them in that endeavour.”
With the close of the round, the company has raised a total of €12m in funding. It previously raised €2m in a seed round back in 2021.
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