Polish salary-on-demand fintech Flexee raises €2.8m
On-demand salary payment has become increasingly popular, particularly in the US and Latin America, and several fintechs offer the service as a point of difference to rivals.
A Polish fintech that allows employees to access their salary before payday has raised €2.8m in funding.
Founded in 2020, Flexee is an app that allows employees access to their salary, even before they are paid. It effectively allows users to withdraw money earned on demand, so they don’t have to wait until payday to access their salary.
The idea is that it will help them if they have a short-term funding crisis or need to make one-off large payments.
On-demand salary payment has become increasingly popular, particularly in the US and Latin America and several fintechs offer the service as a point of difference to rivals.
Revolut, CloudPay and Openwage offer on-demand models to clients looking to attract and maintain workers. A UK fintech called PayUp is also launching offering a similar-type product.
The funding round, which is made up of debt and equity, was led by investment firm JR Holding. Flexee says the new funding will be used to enhance its technology development and boost its European expansion plans.
Andrzej Nowak, CEO and founder, Flexee said: "Employees value the modern benefit very highly, while employers see the value in the strategy of appreciating their employees, which will have a measurable impact on strengthening their loyalty, increasing motivation and, as a result, boosting the business of employers who pay attention to the needs of their employees."
According to Crunchbase, the Warsaw-based fintech has raised $3.8m to date.