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Payflow

Enabling employees to get their salaries on demand

Spain
Market: Financial services
Stage of the project: Operating business

Date of last change: 21.12.2020
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Idea

Payflow is a B2B2C platform that enables employees to access their earned income on-demand. Employees can use the mobile app to instantly get paid a fraction of their earned salary, whenever they want, or wherever they may be. Payflow is fair, transparent and affordable, unlike other short-term financing solutions. Employees feel their future is more secure knowing they have a safety net for unexpected expenses, improving their wellbeing and thus productivity.

Current Status

We have 1,400 end-users in Spain after 6 months of operations, counting down 54 client-companies that implemented our solution. We are at a stage to develop new features and strengthen the 2 existing ones: Salary-on-demand and Financial Education.

Market

The EWA business-model has proved its value to low-income workers. But our data proves that some mid-upper classes workers are also finding a positive side of withdrawing their salaries whenever they want.
The most receptive segments are therefore F&B, industry and hospitality

Problem or Opportunity

As the very concept of the application and of the salary-on-demand features receives of warm adaptation, we are looking forward to developing it in any countries receptive to such.

Solution (product or service)

The application fixes the issue of indebtness and uncapacity to face unexpected spendings for people in needs. Indeed, 60% of the Spanish workers claim to not be ready to face any prompt need.
With Payflow, more than a 1,000 people are already managing their salaries on a daily rhythm.

Competitors

Competitors in Spain:
- Wagestream
- Typs by Hastee
- Devengo
- Loonfy

An other alternative is consumption loans

Advantages or differentiators

The strengths of Payflow is to have a high-caliber team, with a strong operations strategy and a defined branding approach

Finance

We are selling our product on a rate of 1€ / employee / month

Business model

We are on a freemium period, making our users comfortable with the app and the various ways to use it.

Money will be spent on

Recruitment, Product development and market expansions

Offer for investor

n/a

Team or Management

Risks

The risks come from the market being eventually attacked by stronger competitors

Incubation/Acceleration programs accomplishment

Part of the Startup Studio of Rocket Internet

Won the competition and other awards

Won the CCI Prix Entrepreneur 2020 from Chamber of Commerce and Industry of Spain

Photos

Photo 1 - Enabling employees to get their salaries on demand

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video