Flare Banks $22m for Employment Software

Employment software startup Flare is targeting small business customers and new products to help users boost their financial security after banking $22 million in fresh funding from KKR-backed accounting platform MYOB. The latest funding round also is also backed by US venture capital firm Point72 Ventures, local investment fund Acorn Capital and prominent local investor David Fite and brings the total raised by the startup to $51.5 million.
Flare’s co-founders Dan Cohen and James Windon said the funding injection and accompanying partnership with MYOB will allow it to service small and medium businesses alongside big corporates. “What MYOB does for us is really allow us to democratise that right down to SMEs who really don’t get the love and attention that maybe some of the bigger enterprises do,” Mr Cohen said. “We think that COVID presented an opportunity [for companies] where they’re providing more than just a paycheck for employees” Mr Windon said. “We’re looking at how we can enhance our benefits platform with an employee centric lens.”
Flare was founded in 2015 and provides software which manages the on-boarding of new employees, other human resources functions and payroll to corporate clients including Deloitte, Grill’d and Nissan.