Atomic plans to use the funds to grow its team size and develop new solutions. Here are the top-line bullets you need to know.
Atomic, a payroll API provider, has raised $40M in a Series B funding round. The round drew participation from Mercato Partners, Core Innovation Capital, and Greylock Partners, among others.
HOW’S THE COMPANY PERFORMING?
- Utah-based Atomic enables users to connect their payroll accounts to third-party apps in order to set up or switch direct deposit payments and to access financial data for income (VOI) and employment (VOE) verifications.
- Its customer base includes 70+ financial institutions and 12 fintech firms, including Coinbase, Dave, Welcome Tech, and Propel.
- In 2021, its consumer coverage grew to 75%+ of the U.S. workforce — it caters to 125M workers across 450 payroll integrations.
- Atomic experienced 19.5x revenue growth in 2021.
WHY DOES THE MARKET MATTER?
- The global HR payroll software market is expected to reach a value of $5.9B by 2025, growing at a CAGR of 4.9%, according to Apex Market Research.
- The on-demand economy, the increasing popularity of flexible payment methods, and the rise of distributed workforces amid Covid-19 have contributed to market growth.
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