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

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

Scarcely 8 months as a result of its launch, Barcelona-based startup Payflow has extended its seed round financing to €2 million, with strategic investors in the lead.

This Spanish wellness that is financial makes it possible for employees to have 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 & right here Enjoy (the famous Silicon Valley investment fund, that invested early into Bing, PayPal, Dropbox, N26 and Rappi).

For Payflow, these alliances plus the fresh funds is likely to be accustomed combine their development and placement among the pillars associated with the fintech field that is spanish. It also effortlessly highlights the relevance and energy of their model because of the times during the crisis many of us are coping with, into the wake associated with the pandemic that is COVID-19.

Launched into the very early times of 2020, this Spanish fintech currently has significantly more than 100 businesses which consists of solution, including Scalpers, Natura and Aravinc.

These are merely a some of the names that will attest towards the solution and freedom that is financial Payflow has awarded the tens and thousands of workers having its application.

In line with the CaixaBank Accelerator, Global Payment and Worldine: “Payflow is a forward thinking solution that is financial improves people’s everyday lives and there’s without doubt that in the foreseeable future, Payflow are going to be because crucial as other social advantages, on par with medical insurance.”

The mobile application, started by Avinash Sukhwani and Benoit Menardo, enables workers to get the percentage of these gained salary each time they want, rather than needing to watch for a payday that is inflexible. With this specific model, employees have control of once they receives a commission, and can never need to depend on crippling pay day loans or other risky “fast money” instruments. Also, the application form includes use of “Learnflow”, Payflow’s interactive e-learning platform for attaining economic health.

Benoit Menardo, co-founder of Payflow highlighted that “the pandemic has accelerated the digitization of HR departments and also this has affected our development really definitely specially as it’s very easy to integrate with your client’s payroll processes and systems”. Avinash Sukhwani, co-founder added: “Today millions of euros already are being gathered on-demand with Payflow on a monthly basis and then we are actually proud to understand genuine and impact that is positive are wearing our customers: less turnover, more efficiency and an improved worker experience.”

“On-demand wage access is a growing trend and a significant step up the digitization of organizations,” said Marta Antúnez, manager of Telefónica’s innovation hub, Wayra. “Now inside your, solutions like Payflow are essential to enable workers, particularly into the sectors which have experienced many through the pandemic. That way employees have access to their income if they require it many with a software and an easy simply simply simply click.”

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

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