Payroll company Everee has scored $10m in its Series A round which will help it to expand the size of its team.
The capital infusion was co-led by Origin Ventures and Signal Peak Ventures.
Having closed the round, the company will look to hire more staff, increase its product development and boost its sales and marketing efforts.
Everee is a payroll platform which offers flexible pay options for employees, enabling them to decide if they get paid daily or weekly. The application also lets the employee access their earned pay when they need it, at no additional charges.
Everee CEO Brett Barlow said, “The funding is a strong validation of our business model and our mission. The standard two-week pay cycle is broken and unnecessary. It puts too many people in a tough financial position, especially at a time when so many are living paycheck to paycheck.”
Barlow came up with the idea for the company after noticing his daughter was struggling to pay her bills, despite earning enough to cover them. The reason was because the timing of her payday and bills did not match.
In line with the deal, Signal Peak Ventures managing director Ben Dahl will join the Everee board of directors.
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