Payroll Integrations, a San Diego-based technology company that provides software-as-a-service that connects payroll providers with benefits providers, secured $20 million in Series A funding.
SaaS Investors
The round was led by Arthur Ventures.
Founded in 2008, Arthur Ventures is a growth equity firm based in Minneapolis, Minnesota. The firm prefers investing in B2B software companies based in the United States and Canada.
Payroll Integrations Use of Funds
With the funding, The company plans to expand its product line and strengthen its partnerships with payroll companies and benefits platforms to further enhance employees' financial wellness through data connectivity.
About Payroll Integrations
Founded in 2016 by Co-Founders Doug Sabella and Andrew Hallengren, Payroll Integrations is a technology company that offers a software-as-a-service platform that connects major payroll providers with 401(k) record-keeping providers. The firm integrates payroll providers and benefits platforms to establish a direct two-way connection that simplifies employee benefit plans. Their integration platform is used by more than 4,000 businesses to connect payroll with retirement, HSA, and other employer-sponsored benefit plans for over one million employees. Payroll providers including ADP, Paychex, Quickbooks Online, and others use Payroll Integrations to seamlessly connect with 401k benefit providers such as Empower, Transamerica, Principal, VOYA, and John Hancock.
Funding Details
Company: Payroll Integrations Inc.
Raised: $20.0M
Round: Series A
Funding Month: November 2023
Lead Investors: Arthur Ventures
Additional Investors:
Company Website: https://www.payrollintegrations.com/
Software Category: Integration Platform
Source: https://www.businesswire.com/news/home/20231102374995/en/