US fintech Finch lands $40m in Series B funding
San Francisco-based fintech start-up Finch has secured $40 million in a Series B funding round co-led by General Catalyst and Menlo Ventures.
Additional investments in the round came from from QED, PruVen and Altman Capital.
According to the start-up, the employment system faces “significant” challenges due to a lack of data accessibility and an ecosystem that “lacks necessary connectivity” with records moved across more than 20,000 employment data systems.
Founded in 2020, Finch aims to democratise access to the infrastructure that underpins the employment sector and help create products for employers and employees. Through a single application programming interface (API) integration, Finch offers access to customers’ census, payroll and benefits data “across hundreds of (human resources information system) HRIS and payroll systems”.
With the new funding, Finch plans to accelerate its product availability and onboard more customers. It also intends to invest in new and existing products and expand its team.
The start-up last raised $15 million in a Series A funding round held in June. Since then, it claims a 12x increase in revenue, several months of positive cashflow, a headcount of more than 60 employees globally and several new partnerships forged.