Surely you have thought more than once: why a person who has already worked for a large part of the month cannot access his salary in case he needs it?
Immediacy and new technologies form a fundamental part of our lives. However, we have to continue waiting, at least, 30 days to be able to collect what you work every day. As a consequence, many people are forced to apply for loans and microcredits because they cannot make ends meet. But, What if there was an app that allowed us to request an advance on our payroll quickly, easily and without paperwork?
All this was what Fernando Cabello-Astolfi and Alberto Molperes thought when they created Accrual at the end of 2019: an application that was born with the premise of improving the financial health of workers in Spain and you just
What is accrual
Devengo is an application that allows the real time payment of a part of the payroll that you have already worked whenever you want. In this way, it makes it much easier for workers to manage your money in a much freer way without the need to request credits or microcredits for some unforeseen event or lack of liquidity.
“That part of the salary is actually a service that has already been provided, preventing it from being used hides a paternalistic view of the system, which has always thought that people do not know how to manage themselves”says Fernando Cabello-Astolfi, one of the creators of the app.
How accrual works
The operation of the app is very simple and intuitive. The active worker will only have to download the app and automatically will show you the money available what do you have every day according to what he has worked so far this month.
To be able to request that money, you will only have to mark the amount you want to receive and, at the moment, the app will make a transfer. The operation has a cost of 2 euros for the workerwhich can be assumed by the company.
“We have created an app that, thanks to technology, eliminates all the friction that a person entails requesting a part of their earned income. It automates the process for companies and workers, guaranteeing privacy and security”Alberto Molpeceres, co-creator of Devengo.
Accrual: a benefit also for companies
Requesting an advance is a right that is included in the Workers’ Statute. Therefore, companies are obliged to grant them in the event that this is the case. However, managing this kind of requests can be inconvenient for small and medium-sized companies, since it implies an investment of time, resources and an alteration within the administration and cash processes.
With Devengo, the company will not have to worry about this either, since the app will perform this transaction for free, alleviating the administrative burden. From the control panel, the company will be able to:
- Watch the detail of the requested advances
- Set limits for requests (maximum amount, number of requests allowed)
- Manage hiring and dismissal of personnel
- Modify contracts, data and salaries
- To access to accounting documentation
A project with a future
“We are delighted to announce that we have received 1.3 million euros from an investment round led by both Spanish and European business angels, including well-known names in the sector such as François Derbaix, co-founder and CEO of Indexa Capital, who has redoubled his commitment to the project.
With this new round, Devengo has become the best capitalized in the sector with more than 2.5 million of euros raised.
This is how the company explained its feelings after closing a new one at the end of September, which helps to consolidate the growth of the company a year after its creation. At the beginning of September Devengo joined the acceleration program Shuttle (in the Growth phase), an initiative led by businessman Juan Roig and was selected as one of the three companies to participate in the Abanca Innova Corporate program.
This good news reveals the need to adapt to the international model, since, in many other countries, payroll is paid weekly or fortnightly. In this way, we would have control over our money in a much more flexible way.
One of the co-founders, Alberto Molperes, explained his feelings on Twitter after the round closed:
Yesterday it was made public that my startup, , closed a new round of investment. There is some debate about whether or not this should be celebrated, so I am going to give my -unsolicited- opinion (I open a thread, my first thread)
— molpe (@molpe)
With this large injection of capital, its creators promise accelerate the growth of this app so that it reaches workers and companies as quickly as possible to continue improving the financial health of Spanish workers.
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