Pento, a payroll automation firm based in the U.K., today announced that it secured $35 million in series B funding led by Tiger Global and Avid Ventures, bringing its total capital raised to $53.4 million. General Catalyst, Latitude, and Seedcamp also participated in the round. It comes just six months after the startup raised a $15.6 million Series A led by General Catalyst.
“Payroll has been a manual and arduous process for decades; we experienced this first hand with our first venture — as we had to outsource payroll to third-party vendors, and by having to manually check almost every element of the payroll process every single month — which captured quite a lot of senior leadership time,” cofounder and CEO Jonas Bøgh Larsen said. “We saw the opportunity to help modernize this through automation. Just about every enterprise, especially those with hundreds of employees, could potentially be a Pento customer, so the market opportunity for us is immense.”
Pento’s software-as-a-service product streamlines tax calculations and integrates with tooling, banking, human resources (HR), and accounting systems.
This investment enables Pento to accelerate product development, service growth, partner integrations, and expansion into new European countries.
Announcement: Pento Raises $35M for Payroll