Today, we are excited to announce that we have secured a $35M Series B funding. This investment enables us to accelerate our product development, continuing to build Europe’s best payroll experience for our customers and their employees.
Payroll is a global problem, but in Europe, it can get especially tricky due to the ever-changing regulations, complex legislation, and reporting requirements. Many companies, hence, default to outsourcing regardless of how inefficient, frustrating, and manual they can be. Europe is our primary focus because it has long been a market demanding change, a modern approach to payroll.
Since raising our Series A 6 months ago, we have been busy working with our customers to build a robust product and payroll experience. We have doubled our incredible remote-first team and now have 70 team members (and growing) based out of 25+ cities!
Automating payroll, centralising data in real-time, and making payments happen with a click of a button is at the heart of why customers love our core product today. While we continue to invest in the same, we will build deeper integrations to HR, accounting, ERP, scheduling, pension, and other products that streamline the payroll process. The ease of use of our product indeed makes it an instant hit, but nothing beats the energy our customer-facing teams bring in. We will find new ways to expand this experience and invest in the growth of our customer-facing teams.
With our product and support experience together, we aim to make it easy for companies to escape from their manual payroll outsourcing providers and switch to Pento.
While Pento has provided Finance and People teams with real-time control and access to their data and processes, we now want to ensure we can also provide employees with the best experience, with a dedicated portal. So keep an eye out for Pento for Employees. We can’t wait to see you use it!
The Series B is co-led by new investor Tiger Global and existing investor Avid Ventures, with strong participation from our existing investors General Catalyst, Point Nine, LocalGlobe/Latitude, Seedcamp, Moonfire Ventures, and more. We are grateful for their continued support and can’t wait to convert this conviction into the best Pento experience for our customers!
A big thank you to our customers, team members, and investors. We are just getting started!