Payroll Integrations Secures $20 Million Series A Funding

Published 26 days ago

Payroll Integrations, a company that works to streamline employee benefits through automation, has successfully closed a $20 million Series A funding round. The round was spearheaded by Arthur Ventures, a growth equity firm specializing in B2B software.

Simplifying Financial Wellness for Employers

The majority of employers - 96% - believe they play a role in their employees’ financial wellbeing. But as companies broaden their financial wellness benefits, the administrative tasks associated with them become more complex and time-consuming. Traditional payroll providers and benefit platforms often rely on outdated, manual processes, leading to an increase in administrative work for employers.

Payroll Integrations is designed to resolve this issue. The company’s unique technology integrates payroll providers and benefit platforms, creating a direct two-way connection. This process extracts and structures relevant data, making it ready for use by clients. As a result, processing becomes simpler, errors are reduced, and efficiency is significantly improved, saving employers over 100 hours annually.

The Reach of Payroll Integrations

Currently, Payroll Integrations collaborates with over 4,000 companies, assisting them in connecting payroll with retirement, HSA, and other employer-sponsored benefit plans for more than one million workers. The company works with 70% of the payroll provider market, including giants like ADP, Paychex, and Quickbooks Online, as well as 90% of the largest 401k providers.

Future Plans with New Funding

The newly acquired funding will be used to expand Payroll Integrations’ product line and enhance its relationships with payroll companies and benefit platforms. This is aimed at improving employees’ financial wellness journey through better data connectivity. The company also plans to invest in its operations to accommodate the accelerating adoption of its technology.

Pioneering Technology in Payroll Market

Doug Sabella, CEO of Payroll Integrations, pointed out that both the payroll and employee benefits markets have been sluggish in adopting new technologies. He stated that Payroll Integrations has spent the last seven years creating integrations with the largest payroll companies in the U.S., allowing them to offer customers a seamless employee benefits experience.

Arthur Ventures’ investment in Payroll Integrations is a testament to the company’s capacity to help employers operate more efficiently and support their employees’ financial well-being. Payroll Integrations, founded in 2016 by Doug Sabella and Andrew Hallengren, is based in San Diego.