US fintech Payroll Integrations secures $20m Series A funding
Payroll Integrations, a San Diego-based tech firm that supports employee financial wellbeing, has raised $20 million in its Series A funding round led by Arthur Ventures.
Payroll Integrations raises $20m Series A
Founded in 2016 by Doug Sabella and Andrew Hallengren, Payroll Integrations establishes a “direct two-way connection” between payroll providers and company benefit platforms.
Its proprietary platform extracts data from payroll companies into a “structured, ready-to-use” format for clients to facilitate easier processing and fewer errors in employees’ benefit plans.
The company claims to work with over 4,000 companies, covering over 70% of the payroll provider landscape and reaching over one million employees, including ADP, Paychex and Quickbooks Online, and 90% of the largest 401k providers, such as Empower, Transamerica, Principal, Voya and John Hancock.
“Both the payroll market and employee benefits market have been slow to embrace new technologies, often relying on manual processes or complex custom integrations to exchange data,” comments Doug Sabella, CEO of Payroll Integrations.
Sabella adds that the start-up has spent the last seven years “doing the heavy lifting for benefits recordkeepers” by offering integrations through its platform to ensure their customers receive a “seamless employee benefits experience, without the headache of manually tracking payroll and census changes each pay period”.
With the latest funding, Payroll Integrations plans to expand its product line and relationships with payroll companies and benefit platforms, as well as invest in operations to meet growing demand.
