Cobee builds a benefits ‘superapp’ that lets employees browse, select and redeem workplace benefits via an app and physical or virtual payment cards, with automatic payroll integration. The platform covers meals, transport, nursery, training, gift cards, rent, life and health insurance and plans to add broader wellness options. Cobee serves around 800 customers across Spain and Portugal and reports revenues growing 3x this year. User engagement is high: the company says almost every user accesses Cobee monthly and card usage averages about 10 transactions per month. Founded in 2019 and based in Madrid, Cobee will use new funding to expand into Spanish- and Portuguese-speaking Latin American markets beginning with Mexico, and into other Southern European countries. The company has not disclosed a valuation. Cobee provides a mobile-first employee benefits platform that lets employees easily access perks and enables employers to individually tailor benefits packages. Within three years since founding the company has won clients in Spain including Glovo, Petronas, Avis, Tripadvisor, N26, and Booking.com. Earlier this year Cobee expanded to Portugal and reports faster growth there among larger firms compared with Spain. With the new funding the company plans further European expansion and aims to double its portfolio of benefits, prioritizing financial products and health and well-being. Cobee raised €14 million in a Series A round led by Balderton Capital with follow-on investment from Speedinvest, Target Global, Encomenda, Lanai and several angel investors. Balderton’s Suranga Chandratillake highlighted Cobee’s role in improving employee wellbeing and retention. Cobee is a Spanish fintech that provides an employee benefit management app paired with a Cobee payment card to redeem benefits. The platform centralizes benefits and discounts so employees can consume compensation and perks on demand. Cobee emphasizes higher engagement than many existing employee benefit programmes and reduces HR administrative overhead through a fully digital, automated solution. Current offerings include meals, transportation, childcare, health insurance and training courses, with gym memberships and other options coming soon. The company targets firms of all sizes but focuses on employers with 50–5,000 employees and counts customers such as Petronas, Avis Budget Group, Opinno, Glovo and Willis Towers Watson. Its business model charges companies a SaaS fee per active employee and pursues a success-based approach while monetizing a purchasing-volume marketplace. Cobee provides a technology platform, app and employee VISA card to simplify, automate and manage corporate flexible compensation and social benefits without intermediaries. The platform lets employees pay for meals, transport, childcare, training and health insurance, with costs deducted from gross salary at month-end. Cobee’s model permits pay-as-you-go use (no pre-funded balances) and a digital interface that shows consumption and tax-equivalent savings, which the company says can equal up to a 15% salary increase for employees. The service reduces manual administrative work for employers while increasing employee adoption and satisfaction. Founded in November 2018 by Borja Aranguren and Daniel Olea, Cobee had operated for almost a year at the time of the raise. The company plans to continue improving automation and technological integration of its platform and to accelerate growth as a reference partner for corporate flexible compensation.

Total raised

$60M

Funding rounds

4

Latest round

Series B

Latest activity

Nov 2022