Payroll technology provider Symmetrical.ai has raised £ 14.7m in a funding round to support the company’s international expansion goals.
Based in London, with offices in Warsaw and Barcelona, Symmetrical.ai was set up to tackle the issue of providing payments to international staff.
The difficulty of coordinating the payroll and financial systems of the various countries is particularly significant in relation to the working age.
The inspiration for Symmetrical.ai came from the founders’ own experience as international workers. It was difficult for them to track the different software and payroll processes in different jurisdictions.
With the API-based platform Symmetrical.ai, managers are able to approve domestic and international salaries with different payroll systems from different locations that are cleanly accessible and interconnected for HR departments.
“Our bold ambition is to make payroll invisible,” said the company’s co-founder and CEO Piotr Smolen.
“We believe, 10 years from now, to eliminate ‘payroll software’ from dictionaries. Invisible payroll will be a critical element across wider platforms and thanks to our vision, we will be at the forefront of this new trend. ”
Daniel Wartolowski, co-founder and CEO of Symmetrical.ai, said: “The biggest pain for our customers is that their payroll is not centralized across the countries where they operate.
“This is an extremely complex and costly process. Symmetrical API technology not only displays payroll but carries complex payroll processes. ”
The funding round was led by Target Global, with participation from Global Founders Capital, Finch Capital, Partech, Maret One Capital and Inovo.
Target Global partner Ben Kaminski said: “In recent years, we have seen a radical shift in employer-employee relations – from gig workers becoming the dominant workforce across many sectors, to employees who expect to be able to operate remotely across the globe. .
“This has led to companies having to rethink their payroll operations, traditionally outsourcing to old school companies with rigid processes and weak integration among a growing HR tooling ecosystem. That’s why we’re excited to support Symmetrical. ”
Symmetrical.ai raises £ 14.7m to simplify international payroll
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