Payroll Integrations, a firm transforming employer support for employee financial wellness, has completed a $20 million Series A fundraising effort.
This notable investment was spearheaded by Arthur Ventures, a growth equity firm from Minneapolis renowned for its B2B software expertise.
This fresh injection of capital brings a significant boost to Payroll Integrations. The firm, which facilitates the integration of payroll providers and benefit platforms, has established a two-way connection that streamlines the process of enrolling employees in benefit programs. Their proprietary technology targets the optimization of employee financial well-being by cutting down on the administrative load that traditionally burdens employers.
The investment will be pivotal for Payroll Integrations to broaden its product offerings and strengthen its ties with payroll companies and benefit platforms. These enhancements are aimed at furthering the financial wellness journey of employees by enhancing data connectivity. The firm is also poised to bolster its operational capabilities to sustain the fast-paced adoption of its technology.
Payroll Integrations is a leading player in the market, collaborating with over 4,000 companies to link payroll systems with retirement, HSA, and other employer-sponsored benefits for more than a million workers. The company boasts a significant footprint, working with 70% of the payroll provider landscape and 90% of the largest 401k providers.
In his statement, Payroll Integrations CEO Doug Sabella underscored the company’s mission. “We have spent the last seven years doing the heavy lifting for benefits recordkeepers – building integrations with the largest and most widely-used payroll companies in the U.S. – so that they can offer their customers a seamless employee benefits experience, without the headache of manually tracking payroll and census changes each pay period.”
The backing by Arthur Ventures, which itself has raised over $1.1bn and holds a diverse portfolio in the benefits space, serves as a strong endorsement of Payroll Integrations’ model and mission.
“Employers are trending towards more holistic financial wellness offerings and personalized benefit plan options for employees, introducing more administrative complexity and nuance for employers,” said Ryan Kruizenga, General Partner at Arthur Ventures. “Payroll Integrations is well-positioned as the go-to solution to reduce the administrative burden on employers and recordkeepers, whether for retirement plans, HSA plans, or other employer-sponsored benefit plans.”
Established in 2016 by Co-Founders Doug Sabella and Andrew Hallengren, San Diego-based Payroll Integrations stands at the forefront of modernising financial wellness within the workplace.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global