payroll streamline employee payouts
Symmetrical.ai, a payroll tech provider, today announced that it raised $18.5 million in financing led by Target Global with participation from Global Founders Capital, Finch Capital, Partech, Market One Capital, and Inovo. The proceeds will support Symmetrical’s expansion into new European markets and enterprise clients, CEO Piotr Smoleń told TechCrunch via email, as well as the growth of the core 65-person team.
From a compliance perspective, it can be challenging for HR departments to pay people abroad — particularly if those employees have domestic residences. For example, U.S.-headquartered employers have to track the workdays of international workers on a state-by-state basis to stay in the good graces of the IRS. Because many payroll systems can’t record each employee’s “state of work” activity on a daily basis, HR teams have to enter the information manually to determine, for example, which states require the employee to withhold income taxes from their wages.
Smoleń launched Symmetrical — which has offices in Warsaw, London, and Barcelona — with Daniel Wartolowski and Maciej Noga in 2019. Smoleń previously co-founded Turbine Analytics, an investment information processing company based in Poland. Wartolowski was an analyst at EY, while Noga worked at HR and recruitment solutions firm Grupa Pracuj. The three say that they noticed the problem with payroll processes at their jobs, where they had to learn how payouts worked across many jurisdictions and software systems.
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To address some of the problems plaguing payroll, Symmetrical offers tools designed to help employers access, analyze and manage salary data. Using the API-based platform, managers can approve salaries for domestic and international employees as well as deductions and ad hoc payments, routing data into the relevant systems of record.
Symmetrical’s self-service dashboard allows HR teams to connect different payroll systems and customize how they appear. Algorithms optionally clean and normalize the payroll data while extracting information about hiring and pay policies.
Symmetrical occupies a profitable segment of the broader HR software industry — an industry into which venture capitalists injected more than $12.3 billion last year, PitchBook data shows. According to Allied Market Research, the market for managed payroll platforms will grow from $6.73 billion just seven years ago to $10.33 billion by 2023.
Driving the point home, a 2021 survey from Information Services Group found that 57% of organizations expect to be using a software-as-a-service or hybrid HR platform by 2023 — mainly to comply with payroll regulations.
payroll streamline employee payouts
