Payflow Raises $9.1M for Earned Wage Access

Payflow announceed they have raises $9.1M in a Series A round, bringing its total raised since January 2020, when the business was founded, to $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.

“In 2022, two features will be added that strengthen the b2b value proposition through bringing financial wellness to blue collar employees,” says CEO and founder Benoit Menardo. “Later on, by developing many b2c features the plan is essentially turning Payflow into a neobank.”

Payflow sells earned wage access, 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.

Payflow is planning to use the funds to launch into two more markets outside Spain, in addition to Chile and Columbia where it is already offering a service. Its expansion will be focused on Europe and LatAm.

Announcement: Payflow Raises $9.1M for Earned Wage Access