Uruguayan fintech Payflex accelerates expansion with new US$ 800K investment
Payflex raises US$ 800K to expand its interest-free salary advance model and grow in Uruguay and Argentina.
Payflex aims to change the traditional “paid at the end of the month” model with a clear proposition: allowing workers to collect, at any time, the money they have already earned for the days they have worked. The Uruguayan fintech, founded in 2023, has already secured US$ 800.000 as part of a round targeting approximately US$ 1,5 million to consolidate its local operations and prepare to enter Argentina.
Co-founded by Matías Bombi and Fausto Friedrich, the startup was born out of the pair’s international experience in areas such as crypto and finance. The company attracted capital from local advisors such as Andrés Romaniello, commercial manager at Avenida Servicios Financieros, and investors with experience at institutions such as Citi, Julius Baer and PwC.
The goal of this round is to strengthen liquidity, consolidate its presence in Uruguay, and establish its foothold in Argentina around the middle of this year.
Instant advances, with no interest or debt
Incubated at the Center for Innovation and Entrepreneurship (CIE) at Universidad ORT, where its founders met, the platform offers an alternative to the traditional monthly payment model.
“If we create value every day, why wait until the end of the month to get paid?” the company asks.
Through the app, each worker can see in real time how much money they have accrued for the days worked and, if needed, withdraw it with one click.
The difference is clear: instant salary advances that are free, interest-free, and do not create debt for employees. In this way, the fintech aims to keep workers from turning to loans to cover one-off expenses.
Rapid growth and 15,000 active users
Payflex currently has 15,000 active users in sectors such as retail, restaurants, security, and hospitals, and reports monthly growth of 50%.
Its corporate clients include Vida, Hertz, Banco de Prótesis, and Club Biguá. Bombi explained that use of the service tends to pick up at certain times of year, such as the start of the school year, holidays, or vacation periods.
“It’s not always because of an urgent need; many people want access to money for a trip or a planned expense,” he said.
Security, regulation, and financial backing
Given the type of information it handles, security is one of the model’s cornerstones. Friedrich explained that the company complies with all regulations set by the Central Bank of Uruguay, a process that involved a year of work with a leading law firm.
The technology architecture also incorporates encryption and cybersecurity measures to protect data.
“We haven’t had a single case of nonpayment,” Friedrich emphasized.
The process is simple: a company registers on the platform and uploads its payroll; from there, Payflex’s technology takes care of the rest. The fintech advances the funds to the worker, and the company then reimburses it for the corresponding amount. These advances are currently funded with investor capital, although the startup is in talks with banks to expand its funding capacity.
Business model and new benefits
Payflex offers three plans—Basic, Standard, and Premium—tailored to each company’s needs, with costs ranging from $199 to $799. Employees are never charged for an advance on their salary.
In addition to early access to wages, the fintech has added extra benefits for users, including mental health coverage, more than 100 types of insurance, discounts on over 400 partner offers—including medical services—and a financial education module.
“The goal is to prevent toxic debt, especially among people who are often excluded from the traditional financial system,” Friedrich explained.
By combining immediate liquidity, additional benefits, and a focus on financial inclusion, Payflex aims to establish itself as an innovative alternative in the regional labor fintech market.
