Pento scores Series B for payroll software enhancements

Pento, a cloud-based payroll software solution, has scored $35m in its Series B funding round to support its product development.

Tiger Global, an American investment firm, and Avid Ventures, an early-stage investor, served as the co-lead investors. Existing Pento backers General Catalyst, Point Nine, LocalGlobe/Latitude, Seedcamp and Moonfire Ventures, also joined the round.

With the funds, Pento hopes to accelerate its product development and bolster its position in the European market.

This investment comes just six months after Pento raised $15.6m in its Series A round. Since then, the FinTech company has doubled its team, and now has a headcount of 70.

Based in Denmark, Pento supports over 700 companies with its automated payroll services. The platform imports existing employee data, such as salary, tax code, deductions and pension information.

Its platform can then handle real-time calculations, automated payments, pension auto-enrolment, security and privacy, automatic payslip distribution, integration with HMRC, statutory pay, and more.

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