Total amount raised
$42.3 Million
Latest funding date
07/01/2024
Location
Payflow has successfully raised €26 million in equity and €27 million in debt over 9 funding rounds. The platform offers on-demand salary access and flexible compensation options through a mobile application.
Keep reading to explore the intricacies of Payflow's fundraising journey and the investors backing this innovative platform.
What Is Payflow?
Payflow is a fintech company based in Barcelona, Catalonia, Spain, specializing in employee benefits, financial services, and mobile apps. The company offers a financial wellness application that allows employees to access their earned wages on demand and benefit from flexible compensation options.
Founded with the mission to improve employee satisfaction and reduce turnover, Payflow operates with a team of 51-100 employees. The platform is designed to enhance the employee experience by providing financial education resources and ensuring compliance with European regulations.
How Much Funding Has Payflow Raised?
- Round Name: Pre-Seed
- Amount Raised: EUR 1,600,000
- Date: April 2020
- Lead Investors: Rocket Internet
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the financial wellness app and launch it in the market.
- Round Name: Seed
- Amount Raised: EUR 2,000,000
- Date: February 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the app's features.
- Round Name: Seed
- Amount Raised: EUR 1,000,000
- Date: June 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration in Spain.
- Round Name: Series A
- Amount Raised: USD 9,100,000
- Date: April 2022
- Lead Investors: Cathay Innovation, Seaya
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and enhance product offerings.
- Round Name: Debt Financing
- Amount Raised: EUR 20,000,000
- Date: September 2023
- Lead Investors: BBVA Spark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and financial stability.
- Round Name: Series Unknown
- Amount Raised: EUR 6,000,000
- Date: July 2024
- Lead Investors: 6 Degrees Capital, Cathay Innovation, Seaya, Wayra
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations in existing markets and achieve profitability.
- Round Name: Series Unknown
- Amount Raised: EUR 18,929,046
- Date: June 2025
- Lead Investors: Cusp Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the business and enhance technological capabilities.
Total Amount Raised: USD 39,629,046. Current Valuation: Not publicly disclosed.
Key Investors
- Seaya Ventures
- Details: Seaya Ventures is a Madrid-based venture capital firm that invests in early and growth-stage technology companies. They support tech founders in Europe and Latin America.
- Investment Focus Areas: Technology, B2B SaaS, FinTech
- Notable Investments: Glovo, Cabify, Wallbox
- Cathay Innovation
- Details: Cathay Innovation is a global venture capital firm managing $1.5 billion in assets. They have offices in major cities like San Francisco, New York, Paris, and Shanghai.
- Investment Focus Areas: FinTech, Digital Health, Artificial Intelligence
- Notable Investments: Chime, Ledger, Glovo
- 6 Degrees Capital
- Details: 6 Degrees Capital focuses on early-stage investments in technology and innovation-driven companies. They aim to support startups with high growth potential.
- Investment Focus Areas: Technology, Innovation, Early-Stage Startups
- Notable Investments: Not publicly disclosed
- Wayra
- Details: Wayra is the innovation arm of Telefónica, investing in early-stage technology startups. They provide resources and support to help startups scale.
- Investment Focus Areas: Technology, Early-Stage Startups, Innovation
- Notable Investments: Not publicly disclosed
- Thomson Reuters Ventures
- Details: Thomson Reuters Ventures invests in innovative companies that align with Thomson Reuters' strategic interests. They focus on sectors like legal, tax, and media.
- Investment Focus Areas: Legal, Tax, Media
- Notable Investments: Not publicly disclosed
What's Next for Payflow?
Payflow is poised to capitalize on significant opportunities in the Iberian and Latin American markets, particularly in Spain, Portugal, Peru, and Colombia. The company aims to address high credit rates for blue-collar workers and enhance financial wellness through its app, which already serves over 800 companies and 500,000 employees.
Future fundraising opportunities appear promising, given the recent successful €6 million round and the backing of prominent venture capital firms. This financial support will likely continue as Payflow scales its operations and seeks profitability. However, the company must navigate regulatory environments and competitive pressures in new regions to maintain its growth trajectory.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Payflow and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.
