Payflow, a Spanish FinTech lender based in Barcelona, recently celebrated a significant funding milestone.
The company has successfully secured a hefty €20m in debt funding, with BBVA Spark being the primary investor in this substantial growth capital, according to a report from Tech.eu.
Operating as a salary advance platform, Payflow offers a lifeline to employees in Europe and Latin America, granting them early access to their salaries. This financial cushion is particularly helpful during unexpected events or unforeseen expenses. Companies, by subscribing to Payflow monthly, can present their employees with the boon of flexible remuneration and an on-demand salary.
Payflow has grand ambitions for this fresh capital injection, projecting it as the catalyst to multiply its business by ten.
This platform seamlessly meshes with over 50 payroll and HR software solutions. Some of the notable integrations include SAP, Cegid Peoplenet, Sage, A3, Factorial, and Personio, ensuring no disturbances in cash flow. Geographically, Payflow has established its presence with offices sprawled across Madrid, Barcelona, Lisbon, Bogota, and Lima. Their sights are now set on a deeper penetration into the Latin American markets in the forthcoming months.
BBVA Spark’s Head, Roberto Albaladejo, commented, “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.”
Benoit Menardo, co-founder of Payflow, expressed his gratitude saying, “We are incredibly grateful for the confidence of our investors. Payflow’s growth has been exponential and a fundamental part of that is the quality of our service, an extraordinarily strong differentiator from other competitors in the market. Our expansion plans in Latin America and Europe continue, and we will not stop until all workers can enjoy more flexibility in collecting their paychecks. This alliance and BBVA Spark’s financing will play a key role for us.”
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