Finch plans to use the funds to expand its team and launch new features. Here are the top-line bullets you need to know.
Finch, an API builder connecting corporate HR systems, has raised $15M in a Series A. The round drew participation from Bedrock Capital Management, General Catalyst, Y Combinator, and Menlo Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Finch provides APIs to help organizations connect their HR, benefits, and payroll systems.
- The company provides specialized services like Finch Benefits to simplify benefits plan creation, employee enrollment, as well as benefits deduction and contribution notices.
- The company’s revenue has grown by 10x year-over-year.
- It caters to over 10K employers ranging from startups to public firms — some of its clients include Teampay, Vanta, and Pave.
- Finch currently has a team of 36 employees.
Source: Finch
WHY DOES THE MARKET MATTER?
- The global HR payroll software market is expected to reach a value of $5.9B by 2025, growing at a CAGR of 4.9%, according to Apex Market Research.
- The on-demand economy, the increased popularity of flexible payment methods, and the rise of distributed workforces amid Covid-19 have contributed to market growth.
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