BBVA Spark backs Payflow in €20m

Spanish FinTech lender Payflow, headquartered in Barcelona, has marked a significant funding milestone, securing a substantial €20 million in debt funding. Leading the investment charge is BBVA Spark, with this growth capital poised to propel Payflow’s ambitions.

Payflow operates as a salary advance platform, extending a financial lifeline to employees across Europe and Latin America by providing early access to their earnings. This service proves invaluable during unexpected financial needs or unforeseen expenses. Companies subscribing to Payflow’s monthly service can offer their employees the flexibility of on-demand salaries.

With this infusion of capital, Payflow aspires to expand its business tenfold. The platform seamlessly integrates with more than 50 payroll and HR software solutions, including prominent names like SAP, Cegid Peoplenet, Sage, A3, Factorial, and Personio, ensuring uninterrupted cash flow. Geographically, Payflow has established a firm presence with offices spanning Madrid, Barcelona, Lisbon, Bogota, and Lima. The company now aims to deepen its penetration into Latin American markets in the coming months.

Roberto Albaladejo, Head of BBVA Spark, expressed pride in supporting Payflow’s growth plans, highlighting the company’s rapid expansion in Spain and Latin America. He praised Payflow for leveraging technology to simplify people’s lives while promoting their financial well-being.

Benoit Menardo, co-founder of Payflow, expressed gratitude for the investors’ confidence and emphasised the company’s exponential growth. He underscored the quality of their service as a key differentiator in the market and articulated their commitment to expanding access to flexible salary disbursements for workers. The alliance with BBVA Spark and the financing it provides are anticipated to play a pivotal role in advancing Payflow’s mission.

This development exemplifies the evolving landscape of FinTech, where innovative platforms like Payflow are reshaping how employees access and manage their earnings, ultimately enhancing financial flexibility and resilience. With the backing of BBVA Spark, Payflow is poised to extend its reach and impact in the dynamic FinTech sector.