Wage, an infrastructure solution that helps people securely share payroll data with third-parties, has closed a $5m funding round.
This burst of funding has been earmarked to scale customer acquisition and support more payroll data partnerships.
Gradient Ventures, Google’s AI-focused venture fund, served as the lead investor, with commitments also coming from 8VC, Pear Ventures, Bloomberg Beta and CoFound Partners. Additional support also came from executives from SoFi, Public, Zillow and Affirm.
Wage’s API delivers direct-source payroll data instantly, which removes the need for logging in or uploading documents. Direct data integrations with payroll partners enables consumers to quickly and securely share their data with third-parties of their choice. This includes landlords, hiring managers and FinTech apps.
The company, which was originally founded in 2018 as Verix, covers 30 million employees who work at firms such as Amazon, Delta Airlines, Best Buy, Starbucks, Dell, Hyatt Hotels and tens of thousands of others.
Gradient Ventures partner Zachary Bratun-Glennon said, “A great deal of credit decisioning is a black box that penalizes people with little-to-no credit history and doesn’t capture one’s full potential.
“Wage provides accurate and up-to-date payroll data seamlessly and securely – creating a more equitable and inclusive financial ecosystem, and empowering consumers, financial services, employers, and others with efficiency and control over the use and access of their data. Wage has seen impressive growth since its inception, and we look forward to supporting its momentum.”
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