The salary-on-demand company Payflow has just officially become the best financed company in its sector in the European Union. This is confirmed by this start-up with operational headquarters in Barcelona, which has just closed a financing round of 8 million euros, and has accumulated 12 million in capital injections of this type. The company offers a tool so that the workers of a company can choose how often to receive their salary (for example every 15 days) and intends to allocate the money raised to continue growing both inside and outside of Spain and to launch more products of this type.
According to a statement, this ‘fintech’ ends the year with more than 175 clients, including from Scalpers, aristocrazy Y Big Neapolitan until the Vithas Hospitals, Webhelp Y Aquaserv. Payflow partially attributes this client portfolio (which has not yet experienced any loss, they say) to the fact that it is the only solution of its kind in Spain that never charges employees. “Their business model is to charge a monthly fee to their client companies,” they explain in a statement. “That is why Payflow has the support of company committees and unions and a membership of 40%, between 5 and 10 times higher than that of other pay-on-demand providers and other social benefits,” they add.
“In just 2 years we have established ourselves as the regional leader in our sector, with more than 175 clients and 100,000 users”, summarizes the co-founder of Payflow, Benoît Menardo. “Therefore, we are very pleased to have become the best-backed company, both in terms of the amount of financing received and the quality of our investors,” he says.
New investment partners
With this latest round of 8 million, the start-up also incorporates several partners into its capital, such as the fund Seaya Ventures, investor of Glovo, Wallbox The Cabify. They have also attended this operation Cathay Innovation, YCombinator and individual investors Paul Fernandez (Clicks, Olapic or Clikalia) and Felix Ruiz (Tuenti, Jobandtalent, Playtomic).
The objective of the company is to use this money to “work with the most influential companies in the country, including those that make up the Íbex-35”, they affirm in this same statement. In turn, Payflow intends to continue growing in the number of clients until it quintuples the current number and consolidates its project of becoming a neobank.