Coverflex expands to Spain

The Portuguese fintech Coverflex, which operates in the management of staff benefit compensation packages, has expanded into Spain.

The startup offers an exclusive platform for companies where they can offer their staff a number of compensatory benefits such a meal cards, insurance, and exclusive discounts while reducing company costs. The planned expansion into “at least one other European market” was launched at the start of 2024 for the fintech startup that closed 2023 with €75 million in revenues – an increase of 150% on 2022.
“The (entry into the) Spanish market was launched at the start of 2024 and this has begun with a portfolio of solid clients that includes some of our already established clients in Portugal and Italy that also have operations in Spain”, says Miguel Santo Amaro, co-founder of Coverflex.
Coverflex has already raised €15 million in a Series A funding round to expand its platform of flexible compensation benefits to staff in Italy. The round had been led by SCOR Ventures, raising the amount of investment already achieved to €20 million, enabling the company to increase its team from 100 to 150 staff this year.
To support its expansion into the Spanish market — the third in which the startup operates – Coverflex, which has a fully remote model of work, hired two local professionals: a managing director and a commercial director.
“We have also been actively recruiting for the commercial area in Spain, Portugal and Italy”, states the co-founder.
In Spain, the startup has a solution of services that is similar to that offered in Portugal. “We are making meal card available with flexible benefits, thereby creating the first 360º compensation solution in Spain.
“This far-reaching approach aims to meet the needs of companies and their staff, providing them with a complete range of benefits adapted to individual needs and requirements”, he adds.
Coverflex already has more than 200 companies in Spain in a fairly advanced phase of sale”, but the goals are for the kind of growth we have experienced in other markets”, says Miguel Santo Amaro.
“We have good prospects for growth and aim to achieve something similar to what we have achieved in Portugal – 5,000 companies and 100,000 users in the first three years”.