Payflow, a salary advance company, has raised $9.1 million to fund a mega app growth strategy.

Payflow, a YC-backed salary-advance fintech with aspirations to become a neobank, had raised $9.1 million in Series A funding, bringing its total raised since January 2020, when the company was created to $13.6 million.

A mix of national and foreign funds participated in the round, including Spain’s Seaya Ventures, a new backer of Payflow, and Cathay Innovation via its C. Entrepreneurs Fund, which are co-leading the round; Force Over Mass Capital, Y Combinator, and Rebel Fund also participated.

Instead of charging users a fee to withdraw a portion of their pay early, the firm sells a salary-advance service to employers to offer their employees. It charges corporations a commission for the technology rather than charging users a fee to withdraw a portion of their salary early.

We differentiate from other pay-on-demand companies because we have never charged an employee for using the service (we are the first true employee benefit, fully paid by the company).

Avinash Sukhwani, Cofounder – Payflow

It uses a SaaS business model, charging companies a tier-based fee based on the number of employees who use the software.

Previous News Post
Next News Post
Most Popular