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Buk Acquires Payflow, a Salary on Demand Fintech from Spain

It is the first fintech acquisition made by Buk, a Chilean human resource management platform that operates in Chile, Peru, Mexico and Colombia.

Don't worry, we speak : Español (Spanish), too!

Buk, a Chilean human resources management platform, announced a few days ago the purchase of the Spanish fintech Payflow. It is not the first acquisition that Buk has carried out: in November 2021 it bought three other companies, including Boost and Ninja Excel.

However, Payflow is the first purchase that doesn’t match Buk’s human resources focus. As a company that offers an on-demand salary advance, Payflow brings Buk into the fintech world.

Buk is in an accelerated process of expansion. At the end of last year, it raised a US$50 million round, bringing it to a valuation of US$417 million. Buk is the fourth most valuable startup in Chile after Cornershop (prior to its acquisition by Uber), NotCo and Betterfly.

Buk is a cloud-based platform that allows companies to manage their human resources “end-to-end”; that is, from payroll to professional development, through performance evaluation tools, recruitment modules and attendance monitoring.

On the other hand, Payflow is a Spanish fintech that offers a payroll advance paid entirely by the employer. It charges a commission to the companies for making the said advance and in this way allows the service to be free for the employees, who are greatly benefited to cover their economic requirements. Offering this product allows companies to decrease their staff turnover.

Payflow was part of Y Combinator’s Summer 2021 batch. Prior to the acquisition of Buk, it had raised a total of US$13.9 million in different investment rounds; the most recent being US$9.1M last January.

You may also be interested in: Jeeves announces $180 million Series C; has lifted three rounds in 11 months

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