Atomic, provider of payroll connectivity solutions, has raised $40m in Series B funding.
The round was co-led by Mercato Partners and Greylock, with participation from Core Innovation Capital, Portage, and ATX Venture Partners. The funding follows a Series A round of $22m announced in October 2021.
Atomic’s payroll integrations provide the infrastructure to connect consumers to their financial data for verification of income and employment, automating set-up and updating of direct deposits, repaying financial obligations from their paycheck, optimising tax withholdings, and accessing earned but unpaid wages.
The company is currently trusted by 12 FinTech firms, including digital-first neobanks, alternative lenders and digital brokerages, as well as over 70 financial institutions and partners.
With this latest funding, Atomic said it will continue to invest in growing its team and pioneering new solutions for the industry including enabling consumers to qualify for and repay financial obligations directly from their paycheck, tap earned but unpaid wages ahead of their pay cycle, and securely access their payroll data with the market’s first passwordless authentication with its proprietary Uplink technology.
Ryan Sanders, managing director at Mercato Partners’ Traverse Growth Fund, said, “Atomic’s mission to free payroll data serves the entire FinTech community…I love the vision to build more on-ramps to financial services and become the dominant infrastructure layer that connects FinTech companies and banks to consumers and their paychecks. They have the unique ability to do good for their customers as well as their shareholders at the same time.”
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