Since serverless is a kind of a PaaS, it offers many of the same benefits. However, unlike Heroku, Cloud Foundry, OpenShift, and other traditional PaaSes focused on supporting long running applications and services, serverless frameworks offer a new kind of a platform for running short lived processes and functions, also called microflows.
The distinction between the long running processes and microflows is subtle but important. When started, long running processes wait for an input, execute some code when an input is received, and then continue waiting. In contrast, microflows are started once an input is received, and are terminated by the platform after the code in the microflow finishes executing. One way to describe microflows is to say that they are reactive, in the sense that they react to the incoming data.