Pento has scooped a $15.6m Collection A from various fintech angel buyers and plans to make use of the money to develop its workers numbers, develop internationally and construct new merchandise.
Picture supply: Jonas Bøgh Larsen and Emil Hagbarth Rasmussen/Pento
It looks like fintech founders simply can’t get sufficient of startups and it’s no completely different for payroll automation startup Pento.
Pento, which was based by Jonas Bøgh Larsen and Emil Hagbarth Rasmussen in 2017, is on a mission to remove time-consuming and infrequently outdated payroll processes by totally automating the product from begin to end.
The fintech has bagged a $15.6m Collection A funding spherical led by US VC agency Common Catalyst and in addition added a listing of outstanding fintech leaders to its backers too.
Becoming a member of the listing of backers is Monzo founder and former CEO Tom Blomfield, who dabbled in angel investing in 2018 earlier than work obtained in the way in which and, now having stepped again from his function at Monzo, has picked up the baton as soon as extra.
“I undoubtedly see myself nonetheless far more aligned with founders than buyers and really solely put a really small amount of cash to assist open conversations. I nonetheless have rather more of a founder mentality than a VC mentality,” the Monzo and GoCardless co-founder informed AltFi.
“Angel investing retains my mind occupied however is one-hundredth of the work being a founder was. With Pento, this house is simply massively underserved, each firm wants a payroll answer and a lot of the suppliers are historical and paper-based or Excel spreadsheets when you’re fortunate. It is simply such an apparent inefficiency, and I feel the workforce is nice, the design is trendy and environment friendly and the way, how folks ought to work.”
Matt Robinson, Blomfield’s fellow GoCardless co-founder additionally invested in Pento’s newest spherical.
Different outstanding angel buyers embrace Alex Bouaziz co-founder and CEO of distant working fintech Deel, Freddy Macnamara, founding father of pay-as-you-drive insurance coverage specialist Cuvva, Eric S. Yuan, founder and CEO of Zoom and Timothy Thairu Stripe’s first lead engineer.
In addition to a bunch of angel buyers, present backers Level 9 Capital, Moonfire Ventures, Hustle Fund and Seedcamp took half, with Avid ventures and LocalGlobe additionally approaching board.
Pento plans to make use of the contemporary capital to bolster its growth plans, with bold worldwide launches on the horizon, construct its distant groups throughout the globe and proceed rising its product providing.
“A lot of payroll remains to be caught in the dead of night ages. Corporations waste an excessive amount of valuable time and sources making an attempt to handle payroll and responding to avoidable payroll errors,” Pento co-founder and CEO, Jonas Bøgh Larsen, added.
“We wish to change that. We’re giving firms the arrogance and instruments to do it themselves; to make it versatile and straightforward to receives a commission in a means that allows everybody to decide on for themselves how and when they need it achieved, with out compromising on safety, transparency, or pace.”
For the reason that begin of 2021, Pento has persistently had back-to-back record-breaking months, placing it nicely on observe to extend its buyer base fivefold by the tip of the yr.