Payroll connectivity solutions platform Atomic announced it raised $40 million through a Series B funding round that will help the company continue to build its payroll connectivity ecosystem geared toward “consumers with limited access to financial services.” Mercato Partners and Greylock co-led Atomic’s Series B investment round, with participation from Core Innovation Capital, Portage and ATX Venture Partners. The effort follows a Series A round of $22 million announced in October.
“Our goal is to build a fintech infrastructure that enables a new generation of bank accounts and transforms banking applications into consumer-centric platforms,” said Jordan Wright, Atomic’s co-founder and CEO.
Payroll represents a rich store of consumer data. Making it accessible and interoperable has the potential to drive new, lower-cost financial products for customers, thereby improving their financial outcomes, while providing financial institutions with new tools to reduce fraud, improve privacy, and increase customer retention.
Atomic will use the fresh capital to add to its own team and create new solutions, including the ability for consumers to qualify for and repay financial obligations directly from their paycheck, tap earned but unpaid wages ahead of their pay cycle and access their payroll data with passwordless authentication.
Announcement: Atomic Secures $40M for Payroll Connectivity