Portuguese fintech raises another million euros

Portuguese fintech raises another million euros - Portugal Business News

Portugal news - Portuguese fintech Paynest, that is among the 3 Portuguese fintech startups in the Visa Innovation Program Europe 2024, just raised another million euros.

Fintech startup Paynest closed a two million euros seed round in December 2023 led by BlueCrow Capital and Lince Capital that are also now co-leading this 1-million-euro extension. With this new capital injection, the total investment raised by Paynest in less than two years of operation amounts to 3.5 million euros.

Founded in November 2022, Portuguese fintech Paynest has developed a platform simplifying employee finance with a flexible salary payment and expense management solution. The tech company currently has more than 50 clients representing a portfolio of around 30,000 clients, according to Nuno Pereira, co-founder and CEO of Paynest.

With the investment raised, Paynest has strengthened its sales team, developed two new products – the expense manager and instant cashback – and expanded its existing product with salary advances and advance subsidies.  

Paynest, that has a presence in France and Spain, has obtained further investment to develop its presence on the Spanish market by investing in a strong sales team.

The Portuguese tech company is now recruiting for positions in sales, customer success and marketing for Portugal, Spain and France, under the hybrid work model.

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