Pento, a Copenhagen-based payroll automation platform for startups, has raised $15.6 million in Series A funding led by General Catalyst. Other investors included 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.
Pento co-founder and CEO, Jonas Bøgh Larsen, says the much of the payroll systems in use today are stuck in the dark ages: “Companies waste too much precious time and resources attempting to manage payroll and responding to avoidable payroll errors. 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.”
With Pento, companies can automate the entire payroll process, including real-time calculations, tax reporting, payslip generation, and payments, letting them submit the payroll in one single click.
Pento will use the funds to accelerate growth.
Announcement: Pento Raises $15.6M for Payroll