Poland-based global payroll platform Symmetrical.ai has scored $18.5m in a funding round.
The round was led by Target Global, with commitments also coming from Global Founders Capital, Finch Capital, Partech, Market One Capital and Inovo.
With the Series A funding, the FinTech company plans to expand into new European markets and the US. It also hopes to release new services to franchises and enterprise clients.
Symmetrical.ai is also looking to hire more staff and enhance its single layer global API technology.
Founded in 2019, Symmetrical.ai claims to be the first global provider of headless payroll technology that supports unparalleled automation of payroll processes through flexible API-first technology. Through this, clients can scale and optimise their overall payroll costs, it said.
Over the past nine months, the company has multiplied its revenues by 23-times and is processing 47 customers across the UK, Spain and Poland.
symmetrical.ai CEO and co-founder Piotr Smolen said, “Our bold ambition is to make payroll invisible. We believe that 10 years from now, ‘payroll software’ will be eliminated from the dictionaries. Invisible payroll will be a crucial element across broader platforms and thanks to our vision, we will be at the forefront of this new trend.”
The FinTech company previously raised a seed round which was led by Global Founders Capital in 2020.
Speaking on the fresh Series A round, symmetrical.ai COO and co-founder Daniel Wartolowski said, “The biggest pain point for our customers is not having their payroll centralised across all the countries they operate in, thereby being forced to run payroll in an ever-changing jurisdictional environment across many different geographies.
“This is an extremely complicated and expensive process. Symmetrical’s API technology not only displays payroll but carries complex payroll processes. Our solution offers maximum simplicity and ease of use in running payroll and our customers love us for it.”
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