Payroll platform Pento said to close Series A on $15.6m

Cloud-based payroll platform Pento has reportedly secured $15.6m in its Series A funding round, which was led by General Catalyst.

Other contributions came from Avid Ventures, LocalGlobe, Point Nine Capital, Moonfire Ventures, Hustle Fund and Seedcamp, according to a report from Crowdfund Insider.

Several angel investors also contributed to the round, including former Monzo CEO Tom Blomfield.

Pento, which claims to support more than 700 companies, offers a cloud-based payroll solution to automate everything from tax calculations to HMRC payments.

Its platform can connect with existing tools used by a company, including nest, Xero, QuickBooks and Smart Pension.

The company is allegedly on track to increase its customer base and revenue by five-times by the end of the year.

Pento co-founder and CEO Jonas Bøgh Larsen told Crowdfund Insider, “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.”

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