Payflow arrives in Peru: New fintech offers the service of collecting your salary whenever you want

The fintech Spanish Payflow, allows the businesss offer salaries to their employees when it suits them best, it has just launched its ‘à la carte’ salary services in Peru. In this way, peruvian they will be able to receive their salary when it suits them best and without having to wait for the end of each month. Therefore, the founders of Payflow describe the characteristics of this new project in the country.

The Spanish fintech aims to reach 150 Peruvian companies by 2023 and be able to offer its salary collection and financial welfare flexibility services.

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Expansion in Latin America

Payflow was part of the prestigious Y Combinator acceleration program, and landed in Latin America in the Colombian market at the end of 2021.

After its success in Colombia, Payflow enters Peru to support Peruvians in their financial well-being, since more than 70% of Peruvian families have suffered from financial stress in 2021.

This proposal makes it possible to establish modern and flexible salaries without the worker having to wait to collect their payroll, helping them to improve their financial health. In this sense, Benoit Menardo, co-founder of Payflow explains that “The fintech was born with the very clear objective of bringing financial well-being to millions of employees. We are very proud to see how we are fulfilling this mission and very happy to invest in Latin America to make it our number 1 focus”.

The first steps in LATAM

At the moment, the Spanish fintech has already invested more than a million dollars in Latin America with its launch in Colombia, and now it will invest 2 million dollars for Peru, an investment that will increase if the expected results are achieved.

Sergio Zuzunaga, project leader in Peru, highlights that Payflow seeks benefit more than 100,000 Peruvians in 2023.

“We have seen that in Colombia more than 60% of workers download and use our app, awakening the interest of the most prestigious companies in the country. We expect something similar in Peru and we are ready to serve as we can integrate with major payroll software such as SAP, Meta4 and many more in just a few weeks” says Avinash Sukhwani, co-founder of Payflow.

salaries of the future

Zuzunaga comments that the arrival of Payflow in Peru has a clear objective: “We want to change the way in which Peruvians receive their salary, since many are adjusted days before receiving the payment at the end of the month or even fortnightly, which leads to the fact that they sometimes end up in debt. This is an alternative that companies offer so that workers can get out of trouble for free and not resort to predatory practices such as quick loans or salary advances”.

Payflow’s business model is unique in the salary-on-demand market: employees will be able to access a certain part of their salary completely free of charge, privately and quickly, and companies pay a fixed fee to provide access to their collaborators.

“The wage-on-demand model is very common. In the United States, 20% of the population already uses it and in Peru we are the first solution benefiting employees”Zuzunaga explains

“Payflow is a benefit of the company. The company hires him to help their workers, but he always maintains control and visibility. That is why you can set limits on its use, to help the worker without affecting their ability to meet monthly expenses such as rent”he added.

Finally, the co-founder of Payflow, Avinash Sukwani, assures that for the company it is very simple, since their cash flow is not affected and they can configure the tool to adapt to their payroll dates and calendars.

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