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