Barcelona-based Payflow, a ‘salary on demand’ startup, lands €2 million to create economic wellbeing to workers

Barcelona-based Payflow, a ‘salary on demand’ startup, lands €2 million to create economic wellbeing to workers

Hardly 8 months following its launch, Barcelona-based startup Payflow has extended its seed round financing to €2 million, with strategic investors at the forefront.

This Spanish economic health startup that allows workers to obtain compensated on need, has accompanied the portfolios of Wayra (Telefonica’s innovation hub), Zone2boost (the Global Innovation Programme of CaixaBank, worldwide Payment and Worldline) and Plug & Enjoy (the famous Silicon Valley investment fund, that invested early into Bing, PayPal, Dropbox, N26 and Rappi).

For Payflow, these alliances as well as the fresh funds are going to be accustomed combine their development and placement among the pillars for the Spanish fintech industry. Additionally efficiently highlights the relevance and energy of their model provided the times during the crisis we all have been coping with, within the wake regarding the COVID-19 pandemic.

Established during the early times of 2020, this Spanish fintech currently has significantly more than 100 organizations which consists of solution, including Scalpers, Natura and Aravinc.

These are merely a number of the names that will attest into the solution and freedom that is financial Payflow has given the thousands of workers having its application.

Based on the CaixaBank Accelerator, Global Payment and Worldine: “Payflow is a forward thinking monetary solution that improves people’s everyday lives and there’s without doubt that as time goes on, Payflow is going to be since crucial as other social advantages, on par with medical insurance.”

The mobile application, founded by Avinash Sukhwani and Benoit Menardo, permits workers to gather the percentage of the received salary each time they want, as opposed to being forced to watch for a payday that is inflexible. With this particular model, workers have control of once they receives a commission, and certainly will never need to count on crippling payday advances or other“fast that is risky” instruments. Also, the application form includes use of “Learnflow”, Payflow’s interactive e-learning platform for attaining wellness that is financial.

Benoit Menardo, co-founder of Payflow highlighted that “the pandemic has accelerated the digitization of HR divisions and also this has impacted our growth really absolutely particularly since it’s very easy to incorporate with this client’s payroll processes and systems”. Avinash Sukhwani, co-founder added: “Today millions of euros are generally being gathered on-demand with Payflow each month and now we are actually proud to look at genuine and impact that is positive are wearing our customers: less turnover, more efficiency and a far better worker experience.”

“On-demand wage access is really a growing trend and a significant part of the digitization of organizations,” said Marta Antúnez, manager of Telefónica’s innovation hub, Wayra. “Now more than ever before, solutions like Payflow are expected to empower workers, specially in the sectors which have experienced many through the pandemic. In this way workers can access their wage once they want it many with a software and an easy click.”

In addition, Jaime de Borbón Dos Sicilias, Director of Plug and Enjoy Spain commented: “Payflow is amongst the many revolutionary and interesting solutions from a point that is technological of. Furthermore, as a result of its solution, employees gain economic security and an improved well being, while companies gain loyalty and enhance the well-being of the workers. Every person wins.”