Payroll management is one of the most difficult tasks for any company, but notably SMEs.
Pento, a company that creates payroll automation software to make the process easier, has raised $35 million in a Series B investment headed by Tiger Global Management and Avid Ventures.
Tiger Global is making its first investment in Pento, which is situated in London. Avid was one of the first investors, along with General Catalyst, Seedcamp, and LocalGlobe. It also comes just six months after General Catalyst led a $15.6 million Series A round for the company.
The business would not identify at what valuation either round was raised, only that it is “a considerable step up” from its Series A valuation.
Pento claims that its SaaS product entirely automates the payroll process, eliminating the need for spreadsheets, PDFs, e-mails, and manual checks for payroll administrators and finance teams.
It claims to cut the time spent on payroll for its customers by up to 80% by offering them “greater control and visibility” over their monthly pay run.
It accomplishes this by automating everything from tax computations to payment processing to reporting obligations, allowing businesses of any size to “manage their payroll in minutes rather than days.”
It’s got to be doing something good, right? Pento’s sales has increased “10x” in the last year, according to CEO and co-founder Bgh Larsen. While we don’t know where the money came from, the company did note that since its Series A, it has had “straight record-breaking months of growth.”
It has also added many “significant” new customers, including Starling Bank in the United Kingdom, as well as integrations with companies like Personio, Hibob, and BambooHR.
Pleo and Cuvva, as well as Honest Burgers and Beauty Pie, are among the company’s other clients. Pento works with hundreds of SMEs and mid-sized firms with 30 to 500 people in general, and is progressively servicing larger businesses with 2,000 or more employees.
The company makes money through its SaaS strategy, which involves charging consumers a monthly charge.
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