Barcelona-based salary advance platform Payflow has secured up to €20 million in debt funding in a deal with BBVA Spark, provided through asset-backed debt facility management platform Fence.
Payflow provides employees across Europe and Latin America early access to salaries to tide them over in the case of an unexpected event or expense. It allows companies, through a monthly subscription to Payflow, to offer flexible remuneration and a salary-on-demand to their employees.
The software integrates with over 50 payroll and HR software solutions including SAP, Cegid Peoplenet, Sage, A3, Factorial, and Personio, without impacting cash flow.
According to Payflow, the fresh capital injection is expected to see the fintech grow its business tenfold.
“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," says Roberto Albaladejo, Head of BBVA Spark.
The company holds offices in Madrid, Barcelona, Lisbon, Bogota, and Lima and has plans to push further into Latin American markets in the coming months.
“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," says Benoit Menardo, co-founder of Payflow.
Lead image via Payflow. Photo: Uncredited.
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