- Ribbit Capital has co-led a $5.5 million round into French startup Payflows, Insider understands.
- Payflows, which is still in stealth mode, is developing treasury management software.
- The US investing giant co-led the round alongside San Francisco and Berlin-based Headline.
Payflows, a fintech startup focused on treasury management, has raised $5.5 million in a round co-led by US investing giant Ribbit Capital, Insider understands.
The French firm, which remains in stealth mode, was established earlier this year by former staffers at Parisian insurance startup Luko. Pauline Glikman, once Luko’s vice president of operations, cofounded Payflows alongside Joseph Assouline, who headed up Luko’s machine learning division.
Coinbase and Plaid-backer Ribbit co-led the round, four sources familiar with the deal told Insider. San Francisco and Berlin-based Headline also co-led the investment, one source said.
Glikman said learning to manage treasury was key to “piloting a healthy and resilient business.”
“We are excited to partner with amazing finance teams of top European scale-ups to build the next-gen treasury management software,” she said. “Our partners are busy finance teams and Payflows is empowering them to make the most of their time. Our AI assistant takes the hassle away from time-consuming data gathering, reporting, benchmarking and order execution.”
The French startup received 20 term sheets from VCs during the fundraise, another source familiar with the deal said.
Ribbit did not immediately respond to a request for comment. Headline declined to comment.
Payflows aims to build out a treasury management program for businesses. It is the latest startup to catch the eye of investors in the hot FinOps sector, which has already pulled in investment from the likes of Andreessen Horowitz, Altimeter Capital, and Benchmark. The term is a portmanteau of finance and DevOps and describes the process of businesses moving their operational expenditure processes to the cloud.
Payflows was incorporated in France in April 2022, per Infogreffe. Glikman left Luko in July, according to her Linkedin profile.
This deal is Ribbit’s latest in Europe after it backed Tesseract Energy, health tech unicorn Alan, and London-based fintech Atlantic Money in 2022. The funding has already closed but Payflows is not expected to announce the deal until next year, while the company builds out its product, a source close to the company told Insider.