Spain-based fintech Payflow has obtained EUR 20 million after signing an agreement with BBVA Spark in a bid to expand its financial super app.
Previously, Payflow had raised over EUR 12 million from investors, including Y Combinator, Telefónica, and Plug&Play, bringing their total funding and debt to over EUR 32 million. With the fresh capital infusion, Payflow aims to expand its business, and according to echfundingnews.com, the company employs over 70 people and maintains offices in Madrid, Barcelona, Lisbon, Bogotá, and Lima at the time of writing. Additionally, Payflow has plans to enter a new major market in Latin America in the near future.
Representatives from BBVA Spark cited by the same source expressed pride in supporting Payflow's growth, emphasising the company's rapid expansion in Spain and Latin America while leveraging technology to improve people's financial well-being.
One of Payflow's co-founders highlighted that this funding round would enable the company to continue delivering exceptional service to its customers. He also underlined the importance of the quality of their service as a key differentiator in the market.
Another Payflow representative mentioned the success achieved in securing partnerships with companies employing more than 50,000 workers, as well as Payflow's achievement in positioning itself as a comprehensive financial wellness SuperApp.
Founded in 2020, Payflow aims to improve the financial well-being of millions of workers. The company offers four products within its financial super app, namely Payflow, Flexflow, Saveflow, and Learnflow, providing employees with access to their earned salary, flexible remuneration options, automated savings, and financial education. Payflow is free for employees and has integrated with more than 50 payroll and HR software systems, streamlining administrative processes for companies.
Payflow recently formed a strategic alliance with Cegid, a global provider of cloud-based business management solutions. In January 2022, Payflow successfully completed a USD 9.1 million Series A funding round. At the time, this brought the total raised since January 2020 to USD 13.6 million. Investors in the round included a mix of national and international funds, including Spain’s Seaya Ventures, a new backer of Payflow and Cathay Innovation via its C. Entrepreneurs Fund, which co-led the round; with participation from Force Over Mass Capital, Y Combinator and Rebel Fund.
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