US-based payroll management software provider Check emerged from stealth yesterday with $35m of series B funding from digital payment technology provider Stripe and venture capital firm Thrive Capital.
Check provides an application programming interface (API) enabling enterprise customers to embed its payroll infrastructure into other human resources software applications.
The product was designed to simplify the employee payment process and help small businesses navigate 13,000 separate tax jurisdictions in the United States, which each have their own set of rules. The funding will be used to grow headcount.
Chris Sperandio, a corporate development professional at Stripe, said: “Check has developed an elegant solution that abstracts complexity, reduces risk and removes friction in the payroll process that every company has to navigate. The Check team is uniquely suited to continue innovating in this domain and make paying people simple.”
The company said it has now raised $44m since it was founded in 2019, including a $8m series A round in 2020 that was led by Bedrock Capital and which included Thrive Capital and Index Ventures. It came after $1m in seed funding from Bedrock the previous year.