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.
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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.
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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.
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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. Â
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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.
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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.