Symmetrical.ai raises $18.5M Series A investment to change the future of global payroll

Industry Trends, press

28 April, 2022

Symmetrical.ai raises $18.5M Series A investment to change the future of global payroll

Kamila Okulska

Kamila Okulska

Head of Corporate Marketing

Summary

  • symmetrical.ai “Symmetrical” raised $18.5 million in financing from top venture capital funds, led by Target Global (investors in Revolut, DocPlanner, Delivery Hero and many of Europe’s success stories).
  • Symmetrical helps companies onboard and pay workers at scale. The solution is used by mid-to-large sized flexible workforce companies with high levels of complexity in the way they handle payroll.
  • Symmetrical’s vision is to make payroll invisible (running in the background of daily business operations) through smart, fast, and incredibly flexible AI-based payroll technology that’s bundled with human services.
  • The company offers its services to gig economy platforms, franchises and enterprise clients as well as offer its technology to various digital platforms which may wish to embed payroll capability into their own offerings.

Symmetrical.ai “Symmetrical” has raised $18.5 million in financing from top venture capital funds. The round was led by Target Global with the participation from Global Founders Capital, Finch Capital, Partech, Market One Capital and Inovo.

The global payroll market is estimated to be worth more than $150bn and Symmetrical is the first global provider of headless payroll technology that enables an unparalleled level of automation of payroll processes through a flexible, API-first approach. Thanks to this innovative technology, firms (especially flexible workforce companies) are able to scale more quickly and optimise their overall payroll costs. Moreover, Symmetrical’s solution has been built in a way that allows it to enter any market where the customer operates, almost instantly.

Facilitating payroll processes is a key goal for companies that hire internationally, grow internationally and encounter the problem of paying employees abroad. Symmetrical.ai solves this issue, supporting a fast and uninterrupted pace of growth. The company’s vision is to make payroll invisible and enable everyone to hire and pay anyone in the world through just a few API calls.

Symmetrical was founded in 2019 in Warsaw, Poland and has multiplied revenues by 23x in the last 9 months, processing tens of thousands of paychecks and serving 47 customers across the UK, Spain, Poland.

The investment follows Symmetrical’s seed investment round which was led by Global Founders Capital in the summer of 2020. The Series A funding will accelerate Symmetrical’s expansion into new European markets and US market and will allow the company to offer its services to franchises and enterprise clients. The proceeds will also be used to grow the team and to further bolster its single layer global API technology.

Piotr Smolen, CEO and co-founder of symmetrical.ai. said: “Our bold ambition is to make payroll invisible. We believe that 10 years from now, ‘payroll software’ will be eliminated from the dictionaries. Invisible payroll will be a crucial element across broader platforms and thanks to our vision, we will be at the forefront of this new trend. We are also extremely pleased to have investors like Target Global join us in carrying out this vision and helping us shape the future of payroll together.”

Daniel Wartolowski, COO and co-founder at symmetrical.ai. said: “The biggest pain point for our customers is not having their payroll centralised across all the countries they operate in, thereby being forced to run payroll in an ever-changing jurisdictional environment across many different geographies. This is an extremely complicated and expensive process. Symmetrical’s API technology not only displays payroll but carries complex payroll processes. Our solution offers maximum simplicity and ease of use in running payroll and our customers love us for it.“

Ben Kaminski, Partner at Target Global said: “Over the past years we have seen a number of changes affecting the employer-employee relationship – from gig workers becoming the dominant workforce across many sectors, to more recently employees demanding to work remotely across the globe. Companies are being forced to rethink their payroll processes, traditionally outsourced to old-school companies with rigid processes and poor integrations with a growing ecosystem of HR tools. This is why we have invested in Symmetrical, a pioneer in payroll solutions that is purpose-built for managing complex people organizations. We see Symmetrical’s headless, API-first payroll technology as the new standard in the industry. We are very pleased to welcome Piotr and Daniel and the whole Symmetrical team to Target’s family – looking forward to the journey ahead.“


BOILERPLATE

About symmetrical.ai

Founded in 2019, based in Warsaw, Poland, London, UK and Barcelona Spain, symmetrical.ai was offering an Earned Wage Access product. After a few successful years, the founders noticed an opportunity in expanding the range of services and entered the global payroll market. Today the company’s mission is to eliminate borders for employment, time constraints when getting paid and reduce the complexity of payroll across the board. Symmetrical offers a range of products such as payroll, onboarding, employee management, earned wage access (salary on demand) and employer of record.

Contact:

Kamila Okulska,
Head of Corporate Marketing
kamila.okulska@symmetrical.ai