Symmetrical.ai, visioned to “make payroll invisible”, has raised $18.5m.
The company’s blurb for the payroll tech provider, states it is to “help employees retain control over their personal finances”. Its tech allows employers to offer salary-on-demand to employees, an increasingly popular service provided by fintechs.
The funding for the Series A round was led by Target Global, with Finch Capital, Partech, Market One Capital and Inovo also participating in the round. It follows a seed investment led by Global Founders Capital in the summer of 2020.
The company uses API tools to help employers access and manage salary data across multiple jurisdictions and software systems.
Using the platform, bosses can quickly approve salaries for domestic and overseas employees as well as factor in one-off payments.
“Our goal is to create a new, global technology architecture for the payroll industry, from scratch. An important part of [our] solution is data technologies that will improve data governance, overcome data silos and deliver on the data-driven vision,” CEO Piotr Smoleń.
“Our ultimate goal is to enable any company to hire and pay anyone in the world via just two API calls.”
The new funding round will be used to speed up the fintech’s assault on Europe and US, as well as grow its headcount and improve its API technology.
Source : AltFi