Symmetrical.ai “Symmetrical” raised $ 18.5 million in funding from leading venture capital funds. The round was led by Target Global with the participation of Global Founders Capital, Finch Capital, Partech, Market One Capital and Inovo.
The global payroll market is estimated to be worth more than $ 150 billion, and Symmetrical is the first global provider of headless payroll technology that enables an unprecedented level of payroll automation through a flexible approach based on ‘API. Thanks to this innovative technology, companies (especially companies with flexible staff) are able to scale faster and optimize overall staff costs. Furthermore, Symmetrical’s solution has been built in such a way that it can enter any market in which the client operates, almost instantly.
Facilitating payroll processes is a key goal for companies that hire internationally, grow internationally and face the problem of paying employees overseas. Symmetrical.ai solves this problem by supporting a rapid and uninterrupted growth rate. The company’s vision is to make payrolls invisible and allow everyone to hire and pay anyone in the world through just a few API calls.
Symmetrical was founded in 2019 in Warsaw, Poland, and has multiplied its revenues 23x in the past 9 months, processing tens of thousands of payslips and serving 47 customers in the UK, Spain and Poland.
The investment follows Symmetrical’s initial investment round, led by Global Founders Capital in the summer of 2020. The Series A financing will accelerate Symmetrical’s expansion into new European and US markets and allow the company to offer its services to franchising and corporate clients. The proceeds will also be used to grow the team and to further strengthen its global single-layer API technology.
Piotr Smolen, CEO and co-founder of symmetrical.ai She said: “Our bold ambition is to make payrolls invisible. We believe that “payroll software” will be eliminated from dictionaries in 10 years. The invisible payroll will be a crucial element on broader platforms and, thanks to our vision, we will be at the forefront of this new trend. We are also extremely pleased that investors like Target Global are joining us in realizing this vision and helping us shape the future of payroll together.. “
Daniel Wartolowski, COO and co-founder of symmetrical.ai She said: “The biggest sore point for our clients is not having their payroll centralized in all the countries they operate in, therefore being forced to manage payroll in an ever-changing jurisdictional environment in many different geographies. This is an extremely complicated and expensive process. Symmetrical’s API technology not only displays paychecks, but manages complex payroll processes. Our solution offers maximum simplicity and ease of use in payroll management and our customers love us for it ”.
Ben Kaminski, Partner of Target Global said: “In recent years we have seen a radical change in the employer-employee relationship: from gig workers who have become the dominant workforce in many industries, to employees who expect to be able to work remotely around the world. This has resulted in companies having to rethink their payroll operations, traditionally outsourced to old-school companies with rigid processes and poor integration in a growing ecosystem of HR tools. This is why we are thrilled to support Symmetrical, a pioneer in payroll management solutions built specifically for managing complex people organizations. We regard Symmetrical’s API first payroll technology as the new industry standard and are very pleased to welcome Piotr and Daniel and the entire Symmetrical team to the Target family.
Founded in 2019, headquartered in Warsaw, Poland, London, UK and Barcelona Spain, symmetrical.ai offered an Earned Wage Access product. After a few successful years, the founders saw the opportunity to expand their range of services and entered the global payroll market. Today, the company’s mission is to eliminate the boundaries for employment, the time constraints to get paid and reduce the complexity of payrolls across the board. Symmetrical offers a range of products such as payroll, onboarding, employee management, access to wages earned (salary on demand) and registered employer.
Symmetrical.ai Secures £ 14.69 Series A Investment Led by Target Global – UK Technology Investment News
Source link Symmetrical.ai Secures £ 14.69 Series A Investment Led by Target Global – UK Technology Investment News