Finch, an employment API developer, has collected $15m in its Series A funding round, which will help it hire more staff.
Menlo Ventures served as the lead investor, with contributions also coming from General Catalyst, Bedrock, Sempervirens and Y Combinator.
Funds from the round will be used to hire staff, extend the reach of its connectivity and data products, and drive growth initiatives.
Founded in 2020, Finch has built an API that serves as a connectivity layer to streamline data transfers. It allows applications to compliantly request and securely access employment data stored in their customers; employment systems.
With this, companies can connect employment systems across HR, payroll, benefits, including infrastructure in applications across B2B FinTech, benefits, HR and enterprise verticals.
Its technology allows employees to tap into retirement savings options or find increased access to mental health benefits. On the other side, businesses can unlock millions in tax credits and automate compliance processes.
Menlo Ventures managing director Matt Murphy said, “Legacy systems of record for employee compensation and benefits were typically closed, inaccessible, or cumbersome to access.
“The Finch team has elegantly provided this connectivity and allowed a massive new part of the fintech ecosystem to flourish. We’re excited to be doubling down and leading their Series A.”
As part of the funding round, Menlo Ventures managing director Matt Murphy will join Finch’s board of directors. Similarly, Menlo Ventures partner Croom Beatty and General Catalyst managing director Alex Tran will join as board observers.
The company previously raised $3.5m in its seed round in 2020. The round was led by General Catalyst.
Earlier in the year, Global payroll solution Deel has reportedly raised $50m, which brings its valuation to $12bn.