Payflow, the Spanish startup offering financial well-being, has closed its first funding round of €1.6 million in the midst of the COVID-19 crisis, with investment from top-level local and international players, including Rocket Internet, Lanai Partners, Itnig, Abac Nest, Michael Benabou and Clement Benoit. Only three months old, Payflow already has more than 30 companies that trust in its innovative social benefit. With the fresh capital from this round, Payflow intends to improve its product and to expand its team by hiring the best talent.
Jordi Romero, CEO and co-founder of Factorial HR and Itnig spokesperson, explains his commitment to Payflow: “Payflow is solving a growing problem, which is the general lack of financial flexibility. With an excellent product and a young and highly energetic team, I am convinced that they will succeed. They show strong commitment to the digitalisation of human resources and to the promotion of widespread financial well-being.”
Founded in February 2020 and launched two months later by Benoît Menardo and Avinash Sukhwani, Payflow allows employees to instantly collect the portion of their salary corresponding to how much they have worked, through a mobile app. All this without the need for their companies to have cash flow in the middle of the month, and while keeping the process of payroll settlement incredibly simple. Employees state that this solution enables them to face unforeseen events and better manage their personal finances. Companies claim that they have observed significant increases in motivation and productivity thanks to improved financial well-being among their workers.