Startup Bankflip has successfully concluded a €2.6 million funding round, led by JME, with participation from Draper B1, Demium, Enzo Ventures, Notion Capital, and notable Business Angels like Iñaki Berenguer and Fernando Cabello-Astolfi. The round was complemented by Enisa and a participatory loan from Institut Catalá de Finances.
The primary goal of this funding round is to enhance the company’s position in the Spanish market. Additionally, the funds will be used to explore new adjacent verticals such as tax management companies, tax advisory firms, legaltech, HR, etc., that require real-time document and data collection and processing from various public authorities including AEAT, Social Security, Ministry of Justice, DGT, payroll, etc. The company also plans to enter new markets, with Portugal being the first target in 2024.
CEO Álvaro Mancilla expressed satisfaction with the adoption of their technology by leading digital lending companies and banks like EVO, WiZink, UCI, and Laboral Kutxa. He highlighted the significant growth in business volume in 2023, which multiplied by 14. With the new capital injection and strategic partners like JME and Draper B1, Bankflip aims to maintain its position as the best, most comprehensive, modular, and robust solution in the market. The company aspires to become a leader in data capturing and data processing technology in Spain and plans to expand into new Southern European countries, starting with Portugal.
Iván Landabaso, Partner at JME Ventures, stated that they invested in Bankflip due to their belief in the potential of the team led by Alvaro, Honorio, Gabriel, and their ability to navigate a market shaped by key trends such as user ownership of data and its openness. Bankflip’s product approach, including a robust API, easy integration, and no-code solution, positions it well for becoming a reference in the digitalization and management of financial, labor, and behavioral data.
The investment round signifies the conclusion of a growth year for Bankflip, marked by the launch of new AI-based payroll and official document processing products and collaborations with banks such as EVO, WiZink, UCI, Laboral Kutxa, and digital leaders like Idealista, Younited Credit, or Rastreator.
Bankflip’s solutions have proven effective in directly addressing customer loss in information collection and processing processes, with a success rate exceeding 90%. The company has collected over 100,000 documents and processed more than 200 million datapoints, firmly establishing its presence in the Spanish market.
