Home Finance Symmetrical.ai raises $18.5M Series A investment to change the future of global payroll

Symmetrical.ai raises $18.5M Series A investment to change the future of global payroll

by uma

Symmetrical.ai “Symmetrical” has raised $18.5 million in financing from top venture capital funds. The round was led by Target Global with the participation from Global Founders Capital, Finch Capital, Partech, Market One Capital and Inovo.

The global payroll market is estimated to be worth more than $150bn and Symmetrical is the first global provider of headless payroll technology that enables an unparalleled level of automation of payroll processes through a flexible, API-first approach. Thanks to this innovative technology, firms (especially flexible workforce companies) are able to scale more quickly and optimise their overall payroll costs. Moreover, Symmetrical’s solution has been built in a way that allows it to enter any market where the customer operates, almost instantly. 

Facilitating payroll processes is a key goal for companies that hire internationally, grow internationally and encounter the problem of paying employees abroad. Symmetrical.ai solves this issue, supporting a fast and uninterrupted pace of growth. The company’s vision is to make payroll invisible and enable everyone to hire and pay anyone in the world through just a few API calls.

Symmetrical was founded in 2019 in Warsaw, Poland and has multiplied revenues by 23x in the last 9 months, processing tens of thousands of paychecks and serving 47 customers across the UK, Spain, and Poland.

The investment follows Symmetrical’s seed investment round which was led by Global Founders Capital in the summer of 2020. The Series A funding will accelerate Symmetrical’s expansion into new European markets and US market and will allow the company to offer its services to franchises and enterprise clients. The proceeds will also be used to grow the team and to further bolster its single layer global API technology. 

Piotr Smolen, CEO and co-founder of symmetrical.ai said: “Our bold ambition is to make payroll invisible. We believe that 10 years from now, ‘payroll software’ will be eliminated from the dictionaries. Invisible payroll will be a crucial element across broader platforms and thanks to our vision, we will be at the forefront of this new trend. We are also extremely pleased to have investors like Target Global join us in carrying out this vision and helping us shape the future of payroll together.”

Daniel Wartolowski, COO and co-founder at symmetrical.ai said: The biggest pain point for our customers is not having their payroll centralised across all the countries they operate in, thereby being forced to run payroll in an ever-changing jurisdictional environment across many different geographies. This is an extremely complicated and expensive process. Symmetrical’s API technology not only displays payroll but carries complex payroll processes. Our solution offers maximum simplicity and ease of use in running payroll and our customers love us for it.”

Ben Kaminski, Partner at Target Global said: “Over the past few years we have witnessed a radical change in the employer-employee relationship – from gig workers becoming the dominant workforce across many sectors, to employees expecting to be able to work remotely across the globe. This has led to companies having to rethink their payroll operations, traditionally outsourced to old-school companies with rigid processes and poor integration amidst a growing ecosystem of HR tools. This is why we are excited to back Symmetrical, a pioneer in payroll solutions that is purpose-built for managing complex people organizations. We see Symmetrical’s seamless API-first payroll technology as the new standard in the industry and very pleased to welcome Piotr and Daniel and the whole Symmetrical team to the Target family.”

 

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