WelPay

welpay.io ↗ ·Bilbao ·Pre-seed

WelPay (legal entity Rewardwave SL, formerly branded Roiward until its March 2026 rebrand) is a Spanish B2B fintech building a single payment and distribution layer that connects corporate welfare/benefits providers, HR platforms and merchants across Europe, handling payments, eligibility and regulatory compliance through one API integration. Founded in 2023 in Bilbao with offices in Barcelona and Milan, it is early-stage (~12-19 people) and works with partners such as Factorial, Aon, WTW, Scalapay, SeQura, Zilch, ePassi and Pellegrini, with 15+ integrated welfare platforms and strong traction in Italy. It raised an initial ~€315k round from Itnig and Abac Nest plus angels, and in December 2025 secured ~€1.8-2M in financing from Banco Santander to fund European expansion; transaction volume grew from €11M in 2024 toward a €55M target for 2025.

Founded

2023

Founders

Total funds raised

€2.1M

SectorsFintech, Payments, HR Tech, Employee Benefits, Embedded Finance, B2B SaaS Start-up MapFintech › Payments & merchant checkout

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Founders

Alfredo González Ramírez

Co-founder

Ander López

Co-founder

Jonatan Amenedo

CEO & Co-founder

Jonatan Amenedo García

CEO & Co-founder

Global models 5

Swile

France · www.swile.co ↗

Runs payment rails and cards that deliver employer-funded meal and welfare benefits to employees and let them spend at merchant networks. Unlike WelPay, it is itself a benefits provider rather than a neutral layer between providers.

$330MComparable

Forma

United States · www.joinforma.com ↗

Sells employers a flexible-benefits platform that handles eligibility, compliance and payment or reimbursement of benefit spend through one integration with HR systems.

$85MComparable

Benepass

United States · www.getbenepass.com ↗

Offers B2B benefits payment infrastructure, with cards and APIs that process eligible employee-benefit spend and connect to HRIS platforms and merchants.

$48MComparable

Ben

United Kingdom · www.thanksben.com ↗

Runs European benefits infrastructure that combines providers, HR and payroll integrations and card payments so employers can run benefits across countries.

$27MComparable

Cobee

Spain · www.cobee.io ↗

Ran a flexible-remuneration platform that paid for tax-advantaged employee benefits through cards and merchant integrations sold via HR teams (acquired by Pluxee).

$17MComparable

In the same niche 25 others

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seQura

Barcelona

No stage disclosed · €645M

+19 more →

Notes: Most funded first

Investors 6

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Banco Santander

www.santander.com

Led Venture Debt 2025 Spain

Abac Nest

abacnest.abaccapital.com

David Tomás

Pre-seed 2023 Spain Private investor

Olivier Bramly

Pre-seed 2023 France

Óscar Alonso

Pre-seed 2023 Spain

Funding rounds 2

Date	Round	Amount	Lead
2025-12-10	Venture Debt	€1.8M	Banco Santander
2023-10-06	Pre-seed (estimated)	€315K	Lead not disclosed +5 more

News 7

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Published	Article
2026-04-07	Welpay prepara su salto a Italia, Francia y Alemania ↗ El Economista 2026-04-07
2026-03-15	Roiward adquiere la tecnología de Qoala para mejorar los beneficios para empleados ↗ Emprendedores 2026-03-15
2026-03-12	Roiward evoluciona a WelPay para reflejar su nueva etapa como infraestructura europea de beneficios ↗ Iberian Press 2026-03-12
2026-02-05	Lista Emprendedores: las startups de RRHH más innovadoras de 2025 ↗ Emprendedores 2026-02-05
2025-12-10	Santander apoya con 1,8 millones de euros la expansión europea de la fintech Roiward ↗ Forbes España 2025-12-10
2025-11-05	La startup en la que confían Factorial, Zilch o Sequra para aterrizar los beneficios de los empleados en la pyme ↗ El Español / Invertia Disruptores 2025-11-05
2023-10-06	La startup vasca Roiward cierra una ronda de 315.000 euros ↗ Gananzia 2023-10-06