BBVA Spark is a project by Grupo BBVA to assist high-growth businesses with the agility and flexibility they need to achieve success. It started in Spain and Mexico.
On this occasion, BBVA Spark and the Spanish startup Payflow reached a financing agreement of EUR $20 million, aiming to expand and reach more countries in Latin America.
This platform allows employees to access their corresponding salary for the days worked in the month immediately. The financing will be carried out through the debt platform Fence.
With this investment, Payflow will surpass EUR $32 million in financing and debt rounds, solidifying its position as the most funded startup in the on-demand salary field in the European Union.
In an initial phase, the fintech had raised over EUR $12 million in funding, with participation from investors such as Y Combinator, Seaya Ventures, Cathay Innovation, Telefónica, Plug&Play, and Rocket Internet, among others.
The capital injection from BBVA Spark aims to grow Payflow by up to 10 times. Since its founding, the startup’s mission has been to improve the financial well-being of millions of workers, quickly becoming one of the most attractive social benefits offered by companies to their employees.
Payflow integrates four products (Payflow, Flexflow, Saveflow, and Learnflow) that allow employees to access their earned salary, save through a flexible compensation card, accumulate funds in an automated virtual manner, and learn good financial practices.
Payflow is the only provider in the world offering on-demand salary and flexible compensation on the same platform.
Founded in 2020, at Payflow, it’s the companies that pay for the service through a monthly subscription, making it completely free for the workers.
Furthermore, they have established integrations with over 50 payroll and human resources software, such as SAP, Cegid Peoplenet, Sage, A3, Factorial, and Personio, among others, enabling the automation of processes and reducing administrative burden for companies.
They recently announced a strategic alliance with Cegid, a global provider of cloud-based business management solutions for various sectors, including finance, human resources, accounting, retail, entrepreneurs, and small businesses, with over 8 thousand clients and processing more than 25 million payrolls.
Another added value of Payflow is that it does not affect the cash flows of companies implementing this benefit. The funding will allow them to cover all transactions made by their more than 500 thousand users in on-demand salary and flexible compensation.
Currently, they have more than 800 clients worldwide, including Grupo Ilunion, Telefónica, Mango, Alcampo, Grupo Hospitalario Quirón, Webhelp, ISDIN, NH Hoteles, Hoteles Globales, Grupo Tendam, Navantia, and Pernod Ricard, among others.
They have over 70 employees and a presence in Madrid, Barcelona, Lisbon, Bogota, and Lima, with solid plans to expand into a new market in Latin America in the coming months.
