Paro raises $5m to connect finance professionals with companies

Paro, which connects finance professionals with companies looking to outsource or augment their accounting and finance teams, has raised $5m.

The Series A round was led by Revolution Ventures, with participation from Global Founders Capital and Tom Williams. Paro plans to use the new capital to expand its freelancer product suite as well as continuing its push into enterprises, according to co-founder and CEO Michael Burdick.

Through technology, the company matches businesses with highest freelance bookkeepers, accountants, financial analysts, and CFOs who provide remote, on-demand, hourly support when clients need it.

With Gig economy professionals spend a large percentage of their time looking for work, marketing themselves, and bidding against other freelancers in inefficient open marketplaces, Paro uses matching algorithms to bring work directly to the highest quality finance and accounting professionals. It claims its solution thereby solves their number one pain point: income predictability.

Since launching in 2015, Paro has matched nearly a thousand businesses, from midsize and enterprise businesses to growth stage startups, hundreds of freelancers.

“Paro is disrupting the accounting and financial services industry, historically dominated by the Big Four and other large incumbents burdened with high partnership and overhead expenses,” said Clara Sieg, partner at Revolution Ventures. “As professionals increasingly seek flexibility in their work life, Paro’s platform continues to attract best-in-class talent to support their growing client base, ranging from startups to large financial institutions, highlighting the desirability of flexible, cost-effective, and reliable support for businesses at every stage of growth.”

In the accounting space, global private equity firm The Riverside Company recently acquired UK-based InTouch Accounting, to add it to its Brookson platform. InTouch provides accountancy and related services to freelance professionals, using both technology and consultants to fulfil accounting tasks.

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