Spain's Payflow raises USD 9.1 mln in Series A

Monday 17 January 2022 12:54 CET | News

Spain-based Payflow, a salary-advance fintech with ambitions to evolve into a neobank, has banked a USD 9.1 million Series A funding round.

This brings the total raised since January 2020, when the business was founded, to USD 13.6M. Investors in the round include 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 are co-leading the round; with participation from Force Over Mass Capital, Y Combinator and Rebel Fund.

The startup sells a salary-advance service to employers to offer their staff, charging companies a commission for the tech rather than levying a fee on users to withdraw a portion of their salary early. It operates a SaaS business model, charging employers a tiered fee depending on the number of employees using the product.

Payflow is targeting the product at large corporate clients. it says customers span all industries but, it says take-up it’s highest among blue collar workers. The startup’s Series A funding is earmarked for expanding Payflow’s international footprint. It is also planning to spend on product development to fuel its goal of evolving into a neobank.

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Keywords: funding, startup, neobanks, SaaS
Categories: Banking & Fintech
Countries: Spain
This article is part of category

Banking & Fintech