UK-based payroll tech provider Symmetrical.ai has secured $18.5m in Series A funding, led by Target Global with participation from Global Founders Capital, Finch Capital, Partech, Market One Capital and Inovo.
The company plans to use the proceeds to accelerate its expansion into new European and US markets to offer its services to franchises and enterprise clients, grow the team and further bolster its single-layer global API technology.
“Our bold ambition is to make payroll invisible,” said Piotr Smolen, CEO and co-founder. “We believe that 10 years from now, ‘payroll software’ will be eliminated from the dictionaries. We’re also extremely pleased to have investors like Target Global join us in carrying out this vision and helping us shape the future of payroll together.”
Founded in 2019 in Warsaw, Poland, the firm says it offers a range of products such as payroll, onboarding, employee management, earned wage access (salary on demand) and employer of record. It also claims to have multiplied revenues by 23 times in the last 9 months, processing tens of thousands of paychecks and serving 47 customers across the UK, Spain and Poland
“The biggest pain point for our customers is not having their payroll centralised across all the countries they operate in, thereby being forced to run payroll in an ever-changing jurisdictional environment across many different geographies,” added Daniel Wartolowski, COO and co-founder. “This is an extremely complicated and expensive process and Symmetrical’s API technology not only displays payroll but carries complex payroll processes.”
The investment follows Symmetrical’s seed investment round, which was led by Global Founders Capital in the summer of 2020.
