Pento – the payroll automation startup for companies looking to ditch onerous outsourcing and run every stage of payroll in real time – has raised $15.6m in Series A funding to continue building the future of employee compensation.
The round was led by US venture capital firm General Catalyst, with participation from US firm Avid Ventures and UK’s LocalGlobe.
Existing investors Point Nine Capital, Moonfire Ventures, Hustle Fund, and Seedcamp also took part, alongside strategic angels from Stripe (Thairu and Diede van Lamoen), Monzo (Tom Blomfield), GoCardless (Matt Robinson), Zoom (Eric Yuan), Cuvva (Freddy Macnamara), Intercom (Des Traynor) and more. A number of angels were existing customers of Pento before the round opened, and have seen the benefits first-hand.
The funding will be used to expand its remote-first team around the globe, move into more countries, and continue building advanced features to simplify payroll.
Since 2017, the Danish firm has supported more than 700 companies in the transition away from outdated payroll processes. Pento’s customers to-date include tech firms (Pleo, Cuvva); large hospitality brands (Honest Burgers); and retail and e-commerce brands (Lacoste, Beauty Pie) – a customer base that showcases Pento’s huge market breadth and appeal.
“So much of payroll is still stuck in the dark ages. Companies waste too much precious time and resources attempting to manage payroll and responding to avoidable payroll errors,” said Pento co-founder and CEO, Jonas Bøgh Larsen.
“This makes it seem much more complex and closed-off than it needs to be, which fuels the myth that outsourcing is the only viable solution. We want to change that. We’re giving companies the confidence and tools to do it themselves; to make it flexible and easy to get paid in a way that enables everyone to choose for themselves how and when they want it done, without compromising on security, transparency, or speed.”