- Payroll connectivity has been one particular rapid-developing location in just payments.
- Atomic results in the APIs connecting personnel, their firms, and other monetary corporations.
- See the 13-slide deck employed by Atomic internally to map out its solution to the market place.
Staff at corporations large and compact know the importance — and constraints — of how companies handle their payrolls.
A new crop of startups are developing the API pipes that hook up organizations and their personnel to give a increased degree of visibility and flexibility when it will come to payroll info and personnel verification.
On Thursday, just one of those names, Atomic, introduced a $40 million Sequence B fundraising round co-led by Mercato Associates and Greylock, along with Main Innovation Money, Portage, and ATX Money.
The spherical follows Atomic’s Collection A round announced in Oct, when the startup raised a $22 million Series A from investors like Main Innovation Cash, Portage, and Greylock.
Established in 2019, Atomic now counts 70 shoppers, which includes Coinbase and on line banking support Dave, and has partnered with monetary-facts suppliers like MX and Bond.
Constructing these partnerships has been crucial to Atomic’s growth so considerably as a enterprise, Lindsay Davis, Atomic’s head of markets, advised Insider.
“From the partnerships viewpoint, we want to enable any individual that is leveraging fiscal information to use payroll information as yet another lever,” Davis said.
Final year also observed Atomic delve into new products and solutions, which includes a resource it calls Withhold, by which employees can tap their annual tax refunds yr-round. The startup also introduced a product or service known as Verify, which permits employees to share their earlier-untapped employment facts with other money tech companies.
In February, Atomic was integrated in Insider’s protection of potential fintech acquisition targets for the year forward, alongside other startups in the payroll space.
Davis mentioned a sale is not in the playing cards for Atomic despite viewing continued inbound acquisition provides.
As a substitute, the startup designs to double its headcount from 65 to 130 in the coming yr, with a focus on choosing throughout engineering spots as Atomic continues to investigate new solutions. One particular new device slated for start in 2022 will see Atomic spouse with banks and
credit unions
, which will then present customers the potential to tap into attained but unpaid wages, Davis mentioned.