Payflow to raise €2 million from CaixaBank, Telefonica's Wayra and Plug and Play.

Payflow, a Barcelona, Spain-based SAAS developer of a payroll software tool, announced that it secured a funding round totalling €2 million ($2.4M).

The money was raised from investors from Spain including Caixa Bank and Wayra. Plug and Play from the USA also contributed with money in the round.

Payflow, founded in 2020 by Benoît Menardo and Avinash Sukhwani, developed a software solution for companies allowing employees to instantly collect the portion of their salary corresponding to how much they have worked, through a mobile app. The company says that it has more than 100 companies using its service, including Scalpers, Natura and Aravinc.

Payflow previously raised €1.6 million in 2020.