Spanish neobank Payflow has closed on an 8 million euros ($9.1 million) financing round to continue its growth in Spain and around the world, according to a TechCrunch report Monday (Jan. 17).
The FinTech’s financial platform allows employees to get paid anytime. Following the most recent round, Payflow has raised more 12 million euros ($13.7 million).
Funding was led by Entrepreneurs Fund, the London-based venture capital company that provides early stage and growth financing to support entrepreneurs. Additional participants included Force Over Mass Capital, Y Combinator, Rebel Fund, Seaya Ventures and Cathay Innovation.
Founded in 2020, the firm recently launched in Chile and Colombia. Payflow said it plans to expand to more nations and at least two more products this year.
“We differentiate from other pay-on-demand companies because we have never charged an employee for using the service,” co-founder Avinash Sukhwani told TechCrunch. “We are the first true employee benefit, fully paid by the company.”
Elsewhere in Europe, U.K. challenger banks are bursting with potential, fueled by growing investor interest and increasing customer sign-ups.
The U.K.’s Monzo recently secured fresh capital after Chinese technology giant Tencent made a $100 million capital injection for a minority stake in the firm earlier this month, as part of a $600 million fundraising round that values the British digital bank at $4.5 billion.
Another challenger bank making waves in Europe is FinTech unicorn Revolut, which launched in 2015 and currently boasts 16 million-plus customers worldwide.
Last week, Revolut Bank, a subsidiary of the U.K. firm, announced the launch of its digital banking services in 10 Western European markets, bringing its services to a total to 28 countries across the region.