[NEWS] Pento raises $2.8M seed round for its payroll SaaS – Loganspace

Pento, a Danish startup working on a bigger payroll journey for corporations and employees, has raised $2.8 million in seed funding.

Leading the spherical is Point 9 Capital andSeedcamp, with participation from a chain of smaller funds and angel traders, includingdeparting Atomico AccompliceMattias Ljungman. The firm had previously raised $700,000 from the likes of Preseed Ventures, and Futuristic.vc.

Basically based by Jonas Bøgh Larsen (CEO) and Emil Hagbarth (CTO) in 2016,Pentoaffords a SaaS for corporations wanting to automate their payroll and provide complementary components to employees, equivalent to consumer-pleasant fetch admission to to pay history and non-public pay-connected records. The startup is are living in Denmark with over 400 customers and says a U.K. open is occurring soon.

“Payroll is a in actuality manual project for a lot of corporations, which causes errors and is tall time-ingesting,” Larsen tells me. “The technique customarily entails quite a bit of manual projects take care of updating spreadsheets, sending emails with non-public records, making manual bank transfers, manually keying in records from HR utility, and a lot more. We believe now built a SaaS product that automates all of this”.

The brand new feature plan of Pento consist of issues take care of tax reporting, pension reporting, payslip generation, payouts to employees and tax authorities, and bookkeeping. “[This] manner payroll admins can lunge your complete payroll project in one single product, customarily in a subject of minutes moderately than hours,” claims Larsen.

Typical Pento customers are corporations with 1-150 employees, although the startup is furthermore seeing moderately quite a bit of anticipate from better corporations too. It operates a classic SaaS mannequin, charging a monthly subscription per seat.

“We presently label £3 per employee monthly for our general thought, and price £7 per employee monthly for more give a increase to and more components,” explains the Pento CEO.

In the meantime, opponents are mentioned to tumble into three camps: Feeble payroll outsourcing; older payroll utility merchandise take care of Narrative, Brightpay and MoneySoft; and more contemporary opponents take care ofPayfitand Xero Payroll. (There’s furthermore Duane Jackson’s most up-to-date upstart,Staffology Payroll, which appears to be like to be equal to Pento on the pure SaaS side.)

“Contrary to other more contemporary payroll merchandise take care of Payfit and Xero, Pento has a 100% focal point on payroll, no longer HR or accounting, and we will a lot moderately integrate to other merchandise in the ecosystem than are trying and fetch it all ourselves,” adds Larsen.