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Cobee

“Can a digital-native flexible-benefits platform become the default HR benefits OS across Iberia and LatAm inside the Pluxee (Sodexo) group?”

Founded2019
HQMadrid, Spain
FoundersBorja Aranguren, Daniel Olea
Total raised~€56M pre-acquisition
Latest roundSeries B, 2022
IndustryHorizontal SaaS / HR & Payroll
The story

Founded 2019 in Madrid as a digital-first employee benefits and flexible remuneration platform for Spanish employers, competing with legacy Sodexo/Edenred/Ticket Restaurant paper-voucher incumbents. Built a Visa prepaid card + mobile app stack via Spanish EDE Pecunia Cards to unify meal, transport, nursery, gym, training and other benefits. Expanded to Portugal (2021) and Mexico (2023) and grew to ~800 corporate customers on Series B momentum. In 2024 was acquired by Pluxee (the Sodexo benefits business spun off and listed in 2024), rebranding as 'Cobee by Pluxee' — the digital platform is now the group's flagship benefits tech in Iberia, with all legal entities collapsed into Pluxee España, S.A.U.

Last 12 months
2025-08
2025-11
Product timeline
2019
Cobee founded in Madrid; wins BBVA Open Talent 2019, South Summit 2019 finalist· pivot
2020
Launches core benefits: meals, coupons, transport, nursery, training, medical insurance; €2.1M pre-Series A· banking
2021
Launches in Portugal; Cobee Broker created; €14M Series A· lending
2022
Launches virtual card; adds gyms (Wellhub) and IT equipment benefits; €40M Series B· card
2023
Launches in Mexico· pivot
2024
Acquired by Pluxee (Sodexo spinoff); rebrands to 'Cobee by Pluxee'· acquisition
The stack
4 layers disclosed in Cobee’s embedded-finance stack
Banking / BaaS
Pecunia Cards EDE
Card issuing
in the full report
Card network
in the full report
KYC
in the full report
Accounting gap: minor
5 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.