Total amount raised
$42.3 Millions
Latest funding date
07/01/2024
Location
Payflow has successfully raised €17 million in equity funding, with a recent €6 million round aimed at expanding its presence in the Iberian and Latin American markets. The company also secured €20 million in debt financing from BBVA Spark to support its growth strategy.
With a diverse group of 28 investors, including Conexo Ventures, Wayra, and 6 Degrees Capital, Payflow is well-positioned to enhance its financial wellness platform, offering employees instant access to earned wages and other financial benefits. Keep reading to explore the intricacies of Payflow's fundraising journey and the investors backing this innovative platform.
What Is Payflow?
Payflow, founded in January 2020, is a fintech company based in Barcelona, Spain. The company was established by Avinash Sukhwani and Benoit Menardo.
Operating in the financial technology sector, Payflow offers a mobile app that allows employees to instantly access their earned wages. This service aims to enhance financial well-being and productivity without affecting company cash flow.
With a team of 51-100 employees, Payflow is expanding its presence in multiple countries, including Spain, Portugal, Colombia, Peru, Italy, and France.
How Much Funding Has Payflow Raised?
- Funding Round: Pre-Seed Round
- Amount Raised: €1.6M
- Date: April 2020
- Lead Investors: Rocket Internet
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the Payflow app and establish a market presence.
- Funding Round: Seed Round
- Amount Raised: €2M
- 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.
- Funding Round: Seed Round
- Amount Raised: €1M
- Date: June 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Funding Round: Series A
- Amount Raised: $9.1M
- Date: April 2022
- Lead Investors: Cathay Innovation, Seaya
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand in existing markets and improve the app's technology.
- Funding Round: Debt Financing
- Amount Raised: €20M
- Date: September 2023
- Lead Investors: BBVA Spark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion in the Latin American market.
- Funding Round: Venture Round
- Amount Raised: €6M
- Date: July 2024
- Lead Investors: 6 Degrees Capital, Cathay Innovation, Seaya, Wayra
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand flexible salary services in the Iberian and Latin American markets.
Total Amount Raised: $37.8M
Current Valuation: Not publicly disclosed
Key Investors
- Seaya Ventures
- Details: Seaya Ventures is a Madrid-based venture capital firm that supports tech founders in Europe and Latin America. They led the €6 million funding round for Payflow.
- Investment Focus Areas: Early and growth-stage technology companies, Southern Europe, Latin America.
- Notable Investments: Glovo, Cabify, Wallbox.
- Cathay Innovation
- Details: Cathay Innovation is a California-based venture capital firm managing $1.5 billion in assets. They have offices in San Francisco, New York, Paris, Berlin, Shanghai, Beijing, and Singapore.
- Investment Focus Areas: Fintech, digital health, artificial intelligence.
- Notable Investments: Chime, Ledger, Glovo.
- Wayra
- Details: Wayra is the innovation arm of Telefónica, investing in early-stage tech startups. They focus on companies that can synergize with Telefónica's business.
- Investment Focus Areas: Early-stage tech startups, synergy with Telefónica.
- Notable Investments: Not specified.
- BBVA Spark
- Details: BBVA Spark provided €20 million in debt financing to Payflow. They focus on facilitating growth in the Latin American market.
- Investment Focus Areas: Growth facilitation, Latin American market.
- Notable Investments: €20 million in debt financing for Payflow.
- Rocket Internet
- Details: Rocket Internet is a global internet company that builds and invests in internet companies. They were a key backer in Payflow's pre-seed round.
- Investment Focus Areas: General backing of ventures.
- Notable Investments: Not specified.
What's Next for Payflow?
Payflow is poised to capitalize on significant opportunities in the Iberian and Latin American markets. With a recent €6 million funding round, the company aims to address the high credit rates for blue-collar workers and expand its flexible salary services. This expansion could potentially enhance financial wellness for employees and drive productivity improvements.
Future fundraising opportunities appear promising as Payflow continues to attract investment, supported by its strong market presence and financial backing. The company’s growth trajectory suggests that additional funding could be sought to support further expansion and development, especially in regions with high demand for financial wellness solutions.
However, Payflow may face challenges such as navigating different regulatory environments and competing with other fintech companies. Maintaining high growth rates without relying on external financing will also be crucial. Despite these hurdles, the company’s strategic plans and robust investor support position it well for future success.
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