Flare said to close its latest equity injection on $22m

HR and payroll platform Flare has reportedly closed its latest equity injection on $22m to launch new products that will help consumers boost financial security.

The capital was supplied by KKR-backed accounting company MYOB, as well as Point72 Ventures, Acorn Capital and angel investor David Fite, according to a report from The Sydney Morning Herald.

In addition to the capital injection, Flare has formed a partnership with MYOB. Through the support of the capital and partnership, Flare will be able to service both SMEs and big businesses.

Founded in 2015, the FinTech company offers a cloud-based, real-time payroll solution that automates, calculates and files payroll changes. It also enables businesses to ensure compliance with processes and reduce time pressures on review and approvals.

Flare co-founder James Windon said, “We think that COVID presented an opportunity [for companies] where they’re providing more than just a paycheck for employees. We’re looking at how we can enhance our benefits platform with an employee centric lens.”

The company’s other co-founder, Dan Cohen, also stated that it was tricky to raise a funding round during the pandemic. However, the range of new opportunities presented by Covid-19 helped to show its value.

Flare previously raised $21m in a funding round back in 2018, with contributions coming from Point72 Ventures, Acorn Capital, Tank Stream Ventures, Reinventure and BridgeLane.

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