Spains Cobee raises 2.1M for its employee benefits app and payment card

Cobee , a Spanish fintech start-up that has actually established a worker advantage management app and accompanying card, has actually closed € 2.1 million in “pre-Series A” financing.

The round was co-led by Speedinvest and Target Global. Other backers consist of Chris Bouwer (an early worker of Adyen) and existing financiers Encomenda Smart Capital, BStartup (Banco Sabadell), Lanai Partners and Abac Nest.

Founded in 2018 by Borja Aranguren and Daniel Olea, Cobee intends to assist staff members “take advantage of much better financial efficiency” from their wage through a series of staff member advantages and discount rates provided through the platform. These are handled within the Cobee app and redeemed through usage of the Cobee payment card.

The draw for business registering is that Cobee currently declares its platform has greater engagement than lots of existing staff member advantage programs. And by being a automatic and totally digital service, there is significantly less administration required to handle the program.

“We understood that there is an increasing variety of services that are being offered as items or advantages to the end staff members through their HR department (fitness centers, insurance coverage items, benefits, coupons, income sacrifice solutions, and so on),” Cobee co-founder and CEO Borja Aranguren informs TechCrunch. “This, on the one hand, indicates administrative trouble for the HR departments to handle all the various suppliers and procedures and, most significantly, on the other hand, brings a uncertain and absolutely fragmented worth proposal for the worker”.

With this issue in mind, Aranguren and Olea set out to construct Cobee, which the set refer to as a fintech HR option that empowers workers to consume their payment and advantages on-demand.

“All our efforts are concentrated on making staff members rejoice about their advantages, attempting to merge the worth proposal in a simple and reasonable to utilize formula,” Aranguren discusses. “For the business, we provide a user friendly SaaS platform to configure their advantage offering and submit their staff members. For the workers, it is a payment and an app card to customer those advantages as they like, with funds originating from a business aid or from their own income”.

The present Cobee offering consists of advantages like meals, transport, child care, medical insurance and training courses. Extra alternatives, such as health club subscription, are stated to be being available in the next couple of months.

“Our item can cater for business of all sizes, from Startups or smes to big corporations of any sector,” includes Aranguren. “However, our primary target sector are those business varying in between 50 to 5,000 workers. We have consumers and users like Petronas, Avis Budget Group, Opinno, Glovo, and Willis Towers Watson”.

Meanwhile, Cobee states it will utilize the brand-new financing to “scale up its company design” in Spain and broaden into global markets. To support its objective to end up being a European classification leader, the business prepares to enhance its group and improve its platform by incorporating brand-new items and advantages.

The service design is simple, too: Cobee charges business a SaaS cost per active worker. “We follow a pure success-based method and we just win if the staff members win, which, after all, makes the business win,” states the Cobee CEO. “Besides that, we take advantage of getting volumes to develop a market that we can generate income from which likewise enables us to develop cost savings that can be moved to our end customers/employees.”