Payflow funding news – Barcelona-based Payflow Secures €6 Million in Funding

However, the fintech has added two new names to its capital table: GED Conexo Ventures, based in Spain, and Thomson Reuters Ventures, based in the US. With this new capital boost and its aspirations to expand its market presence over the next five years, Payflow hopes to turn a profit.

Benoît Menardo, co-founder of Payflow, said to the Spanish media: “The investment market is looking for efficient startups now, which is why we have become the best in terms of financial efficiency. We are still growing more than 100% year-on-year, but we no longer need external financing to maintain these rates of growth.”

Avinash Sukhwani, also co-founder of Payflow, added: “Since our last round, we have signed many agreements, including exclusivity, with payroll software. This has given us an incredible competitive advantage and has practically allowed us to eradicate all the competition we previously faced. Additionally, we became the only provider in the benefits segment to offer both on-demand pay and flexible benefits, the two most popular employee benefits among blue-collar workers.”

Tamara Steffens, managing director of Thomson Reuters Ventures said, “We are excited about the execution of the Payflow team and the exceptional growth of the business,” “We see many possible opportunities with Thomson Reuters, especially in Latin America, where we have an expansive presence.”

Damien Balsan, co-founder of Conexo Ventures and partner at GED Capital-Conexo, added: “Payflow is at the center of our investment thesis of Spanish B2B SaaS startups with American roots (Y Combinator) that can scale from their initial traction in Europe to Latin America, solving real problems such as the inaccessible credit rate for blue-collar workers, which exceeds 100% annually in some cases.”

About Payflow

Payflow was founded in 2020 and gives employees access to wages they have already received. Currently, the firm boasts 1,000 Spanish clients, primarily from Telefónica, Quirón, Decathlon, Alsa, Alcampo, and Ilunion.

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The financial company with its headquarters in Barcelona brings in over €4 million in recurring revenue each year. Their goal is to improve every employee's financial situation so they may be more motivated and productive at work. Their goals are to impact people's lives and enhance their compensation.