Payflow was founded by Avinash Sukhwai, Benoit Menardo, Benoist Menardo in 2020.

Who are Payflow's investors?

Payflow's investors include Carolus Invest, Cathay Innovation, Cats.vc, Cusp Capital, Eight Capital, Extension Fund, Gaingels, ITNIG and 18 more.

How much funding has Payflow raised?

Payflow has disclosed $18.9M raised across 1 of its 4 known rounds.

Where is Payflow headquartered?

Payflow is headquartered in Madrid, ES.

Payflow

YC S21

Madrid, ES · Founded 2020 · Delaware corporation · 50 employees · Hiring · 27 known investors

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Payflow is a financial wellness platform for employers that enables employees to access earned wages on demand instantly and provides flexible compensation benefits through a mobile app and card. The platform serves companies looking to improve employee retention and reduce payroll processing costs.

Also known as Payflow Digital Inc.

Enterprise Software Fintech HR Tech SaaS LendingSpainEuropePartly Remote

Founders & leadership· Y Combinator alumni (S21)

Payflow was founded in 2020 by Avinash Sukhwai, Benoit Menardo, and Benoist Menardo.

Avinash Sukhwai Co-founderAvinash Sukhwai is a co-founder at Payflow who previously worked at Rocket Internet and BCG. He studied at University of Cambridge, MIT, and Imperial College London.

Benoit Menardo Co-FounderBenoit Menardo co-founded Payflow after previous roles at Bain and Rocket Internet. He holds an MBA from INSEAD and undergraduate degrees from MIT and Mines Paris Tech.

Benoist MenardoCo-founder

Avinash SukhwaniFounder

Benoit Menardo Avinash SukhwaniFounder

Jose Pons VegaFounder

Wil Eyi Founder

Board

Cedric AsselmanBoard director

Elisabet Faus MorrosBoard director

Investors · 27

Carolus Investlisted by Carolus InvestBarcelona

How we know: Carolus Invest's portfolio page · Y Combinator's founder network · Not right? Tell us

Cathay Innovationlisted by Cathay InnovationParis · $5M – $40M

How we know: unleash.ai · the VCSheet dataset · Not right? Tell us

Cats.vclisted by Cats.vc$200K – $500Kvia Yakov Kop · inferred

How we know: Cats.vc's portfolio page · Not right? Tell us

Cusp Capitallisted by Cusp CapitalEssen · $7.6M

How we know: Cusp Capital's portfolio page · a partner's Signal profile · the VCSheet dataset · Y Combinator's founder network · Not right? Tell us

Eight Capitallisted by Eight CapitalNorwalk

How we know: eightcapital.com · Not right? Tell us

Extension Fundlisted by Extension FundMadrid

Gaingelslisted by GaingelsNew York · $200K – $500K

How we know: gaingels.com · Not right? Tell us

ITNIGlisted by ITNIGBarcelona

How we know: ITNIG's portfolio page · Y Combinator's founder network · Not right? Tell us

Lanailisted by LanaiBarcelona · $165K – $550K

How we know: Lanai's portfolio page · Y Combinator's founder network · Not right? Tell us

Plug and Play Ventureslisted by Plug and Play VenturesSilicon Valley · $50K – $400K

How we know: Y Combinator's founder network · plugandplaytechcenter.com · Not right? Tell us

Rebel Fundlisted by Rebel FundSan Francisco · $100K – $5M

How we know: unleash.ai · rebelfund.vc · Not right? Tell us

Rocket Internet SElisted by Rocket Internet SEBerlin

Sprint Vclisted by Sprint VcBangalore

The E14 Fundlisted by The E14 FundCambridge · $1M – $5M

How we know: The E14 Fund's portfolio page · the VCSheet dataset · Not right? Tell us

Thomson Reuters Ventureslisted by Thomson Reuters VenturesNew York

How we know: Thomson Reuters Ventures's portfolio page · a partner's Signal profile · the VCSheet dataset · Not right? Tell us

Y Combinatorlisted by Y CombinatorSan Francisco · $500K

How we know: the Y Combinator directory · unleash.ai · open dataset · 5k.vc investor directory · Not right? Tell us

6 Degrees CapitalreportedLondon · $1.1M – $8.1M

How we know: open dataset · 5k.vc investor directory · Not right? Tell us

Abac Capital Manager S.G.E.I.C.,reportedBarcelona

How we know: open dataset · 5k.vc investor directory · Not right? Tell us

Conexo VenturesreportedBoston

How we know: a partner's Signal profile · open dataset · 5k.vc investor directory · Not right? Tell us

Financière Saint JamesreportedParis

How we know: Y Combinator's founder network · Not right? Tell us

Force Over Mass CapitalreportedLondon

How we know: unleash.ai · Not right? Tell us

Global Founders CapitalreportedBerlin · $1M

How we know: Y Combinator's founder network · Not right? Tell us

K3V VenturesreportedSingapore

How we know: Y Combinator's founder network · Not right? Tell us

SeayareportedMadrid · $2.2M – $16.2M

How we know: open dataset · 5k.vc investor directory · Y Combinator's founder network · Not right? Tell us

Telegraph Hill CapitalreportedSan Francisco

How we know: open dataset · 5k.vc investor directory · Not right? Tell us

WayrareportedMadrid · $54K – $5.4M

How we know: Y Combinator's founder network · Not right? Tell us

Also in the syndicate · 1

Seaya Ventures

Funding

SEC filings, press & company announcements

$18.9M disclosed across 1 of 4 rounds · 2021–2026

Undisclosed amountSeries AMay 2026
Source ↗
Undisclosed amountSeries AJan 2022
Cathay Innovation (lead), Force Over Mass Capital, Rebel Fund, Seaya Ventures, Y Combinator
Source ↗
Undisclosed amountpre-seed roundFeb 2021
Source ↗

▶$18.9MraisedSep 2025 · 51 investors · Other Technology

Rule 506(b)

Officers, directors & promoters on the filing

Cedric AsselmanDirector
Avinash SukhwaniExecutive Officer, Director
Elisabet Faus MorrosDirector
Benoist MenardoExecutive Officer, Director

Offering amount: $19.4M
Amount sold: $18.9M
First sale: May 2025
Incorporated: Corporation, Delaware, 2022
Federal exemptions: 06b

Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

The YC application· Summer 2021 batch

▶ Application video — watch on YC ↗▶ Demo Day video — watch on YC ↗

Founder mafia

4 people who came through Payflow went on to found or lead other companies.

Javier VillamizarInvestorFounded Open English Benoit MenardoFounderFounded Rocket Internet SE Wil EyiFounderFounded Payflow Avinash SukhwaiFounderFounded Rocket Internet SE

Related companies · 9

JetloreJetlore was a Palo Alto AI startup that turned unstructured retail product data into structured attributes so merchants could personalise what each shopper saw. Founded by Stanford researchers, it raised from Sierra Ventures, Alsop Louie Partners, Fenox Venture Capital, BRM Capital and Mercury Fund, and PayPal acquired it in 2018.

StiltA financial technology platform that provides APIs for launching credit products, handling regulatory compliance, underwriting, loan servicing, credit reporting, and debt capital sourcing.

Zendesk New YorkThis is Zendesk's internal belonging/diversity and inclusion program page, not a company profile page for an external company. It describes Zendesk's internal culture initiatives and leadership development programs.

YenmoYenmo provides affordable lending products designed to promote healthy financial behavior and customer satisfaction. The company targets borrowers in India seeking alternatives to high-interest-rate loans.

PayflowsPayflows provides a platform that centralizes and shares cash data across finance teams such as FP&A, accounting, and treasury, giving them independent access to treasury information. It targets corporate finance and treasury departments to reduce manual treasury workflows.

FinosuFinosu provides a cloud-based loan servicing platform that manages borrower communications (voice, text, email, chat), payment processing, and compliance workflows for consumer lenders. The platform serves originators of personal installment loans, lines of credit, BNPL, credit cards, and lease-to-own products.

XFlowXflow offers an invoicing product that lets businesses create branded, customizable invoices with built-in global payment options, including automatically embedded bank transfer instructions. It also provides tools to track outstanding invoices and send payment reminders from a dashboard.

Pantore PayPantore Pay offers working capital credit to Brazilian businesses, enabling them to pay suppliers and manage cash flow with weekly repayment terms. The platform provides flexible credit lines that grow based on payment history, accessible through a mobile app.

FinteliteFintelite provides AI-powered document processing that extracts, classifies, and analyzes data from invoices, bank statements, and forms for businesses in finance, insurance, and other document-heavy industries. The platform also offers fraud detection capabilities to identify forged or tampered documents.

Companies working in the same space as Payflow.

Legal entities · 1

corporate structure

Payflow Digital Inc.

In the news

Madrid-based Payflow raises €10 million to expand their Earned Wage Access platform across Europe and LAM | EU-Startupseu-startups.com · Jun 2025

Barcelona-based Payflow raises €6 million to expand flexible salary in Iberian and Latam markets - EU-Startupseu-startups.com · Jul 2024

Barcelona-based Payflow nabs €8 million for its solution that’s improving employee financial wellbeing | EU-Startupseu-startups.com · Jan 2022

Spain’s Payflow, a salary advance startup, banks $9.1M to fuel a super app growth strategy – TechCrunchtechcrunch.com · Jan 2022

Frequently asked questions

What does Payflow do?: Payflow is a financial wellness platform for employers that enables employees to access earned wages on demand instantly and provides flexible compensation benefits through a mobile app and card. The platform serves companies looking to improve employee retention and reduce payroll processing costs.
Who founded Payflow?: Payflow was founded by Avinash Sukhwai, Benoit Menardo, Benoist Menardo in 2020.
Who are Payflow's investors?: Payflow's investors include Carolus Invest, Cathay Innovation, Cats.vc, Cusp Capital, Eight Capital, Extension Fund, Gaingels, ITNIG and 18 more.
How much funding has Payflow raised?: Payflow has disclosed $18.9M raised across 1 of its 4 known rounds.
Where is Payflow headquartered?: Payflow is headquartered in Madrid, ES.