HR and payroll platform Flare has raised $21m in its latest round which was led by Point72 Ventures.
Other contributions came from Australian investors Acorn Capital, Tank Stream Ventures, Reinventure and BridgeLane.
Prior to this round, the company secured a $7m investment from Reinventure Group around this time last year. Since the investment the company has doubled its customer base to more than 200 clients, and has over 100,000 employees across Australia utilising the solution.
Through the new equity line, the company will further its onboarding of new clients, and expand its financial wellness and benefits platform.
The deal also marks New York-based Point72’s first investment into an Australian company and as part of the deal, the firm’s partner Pete Casella will join Flare’s board.
Flare is an all-in-one HR, onboarding, payroll and employee wellbeing platform, which is designed to streamline and automate various processes in their areas. Its technology can remove paperwork involved with employee onboarding, and managing performance.
The company offers a cloud-based real-time payroll solution which automates calculates and files payroll changes, and enables business to complete the entire payroll process through a simple review and approval system. Automation technology ensures everything is compliant, past payments are recalculated and reports are complied.
Employers can also use Flare to provide employees with improved financial wellness services. Companies can offer superannuation, discounts and rewards at retailers, health and life insurance and car leasing, among others.
Flare CEO Dan Cohen said, “We want to level the playing field in Human Resources and Payroll – that’s why we give away our core suite of tools for free, so that we can help every company automate their processes, simplify their onboarding and payroll and become an incredible place to work.
“We’ve built a platform that lets Aussie businesses build an employee experience that competes with Facebook or Google.”
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