Cobee, a Spanish fintech startup that has developed an worker earnings management app and accompanying card, has closed €2.1 million in “pre-Series A” funding.
The spherical became as soon as co-led by Speedinvest, and Target World. Other backers encompass Chris Bouwer (co-founder of Adyen) and original traders Encomenda Orderly Capital, BStartup (Banco Sabadell), Lanai Companions and Abac Nest.
Founded in 2018 by Borja Aranguren and Daniel Olea, Cobee objectives to wait on workers “leverage better financial efficiency” from their wage through a differ of worker advantages and discounts supplied through the platform. These are managed internal the Cobee app and redeemed through employ of the Cobee fee card.
The plan for corporations signing up is that Cobee already claims its platform has elevated engagement than many original worker earnings programmes. And by being a fully digital and automated resolution, there might be critically less administration vital to rearrange the programme.
“We realized that there might be an increasing replace of solutions that are being sold as advantages or products to the live workers through their HR division (gyms, insurance products, perks, vouchers, wage sacrifice formulas, etc.),” Cobee co-founder and CEO Borja Aranguren tells TechCrunch. “This, on the one hand, system administrative effort for the HR departments to rearrange the full assorted suppliers and processes and, most importantly, on the varied hand, brings a very fragmented and unclear price proposition for the worker”.
With this concern in ideas, Aranguren and Olea blueprint out to develop Cobee, which the pair characterize as a fintech HR resolution that empowers workers to consume their compensation and advantages on-search info from.
“All our efforts are centered on making workers the truth is feel elated about their advantages, searching out for to unify the price proposition in an comprehensible and uncomplicated to employ system,” Aranguren explains. “For the firms, we provide a very easy-to-employ SaaS platform to configure their earnings offering and upload their workers. For the workers, it is miles an app and a fee card to user these advantages as they be pleased, with funds coming from a company subsidy or from their very possess wage”.
Basically the newest Cobee offering involves advantages be pleased meals, transportation, childcare, neatly being insurance and training programs. Additional alternatives, similar to gymnasium membership, are acknowledged to be coming within the next couple of months.
“Our product can cater for corporations of all sizes, from SMEs or startups to mountainous corporations of any sector,” provides Aranguren. “On the replace hand, our most important plan section are these firms ranging between 50 to 5,000 workers. We possess customers and customers be pleased Petronas, Avis Rate range Community, Auto1 Community, Opinno, Glovo, and Willis Towers Watson”.
Meanwhile, Cobee says it’ll employ the contemporary funding to “scale up its industry model” in Spain and magnify into world markets. To make stronger its mission to alter steady into a European category leader, the corporate plans to supply a enhance to its workers and presents a enhance to its platform by integrating contemporary products and advantages.
The industry model is straightforward, too: Cobee prices firms a SaaS fee per active worker. “We note a pure success-primarily based system and we easiest consume if the workers consume, which, despite every thing, makes the firms consume,” says the Cobee CEO. “Besides that, we leverage procuring volumes to develop a marketplace that we are succesful of monetize and that moreover enables us to blueprint savings that can even be transferred to our live customers/workers”.
