Payroll start-up Pento raises $35m in Series B
Payroll specialist Pento has secured $35 million in Series B funding, just six months after its Series A round which yielded $15.6 million.
The Series B was co-led by new investor Tiger Global and existing investor Avid Ventures, with participation from existing investors General Catalyst, Point Nine, LocalGlobe/Latitude, Seedcamp, and Moonfire Ventures, among others.
Pento was founded in 2016 with hubs in London and Copenhagen. It now has a remote-first team of 70 people across 25+ cities.
Jonas Bøgh Larsen, co-founder and CEO, says: “Payroll is a global problem, but in Europe, it can get especially tricky due to the ever-changing regulations, complex legislation, and reporting requirements.
“Many companies, hence, default to outsourcing regardless of how inefficient, frustrating, and manual they can be.
“Europe is our primary focus because it has long been a market demanding change, a modern approach to payroll.”
The new funding will go towards building deeper integrations to the HR, accounting, ERP, scheduling, pension, and other products that streamline the payroll process.