American company Wage secures US $ 5 million in Series A

Wage, a California (United States) based startup, announced on 13th April 2021 that it has raised US $ 5 million in its series A funding round. The round was led by Gradient Ventures along with participation from Cofound Partners, Bloomberg Beta, 8VC, Pear VC and more.

Investors: Gradient Ventures is a California based Google’s AI-focused venture fund that was founded in the year 2017 by Anna Patterson and Zachary Bratun-Glennon. It primarily invests in seed to series A stage startups and provides them with Google’s resources, technical support and guidance. So far it has made around 97 investments, with around 27 of them focused on diversity investment. Its portfolio includes companies such as Dyndrite, Flatfile, Gitduck, Lambda and more.

“A great deal of credit decisioning is a black box that penalizes people with little-to-no credit history and doesn’t capture one’s full potential. Wage provides accurate and up-to-date payroll data seamlessly and securely – creating a more equitable and inclusive financial ecosystem, and empowering consumers, financial services, employers, and others with efficiency and control over the use and access of their data. Wage has seen impressive growth since its inception, and we look forward to supporting its momentum.”—  Zachary Bratun-Glennon, partner at Gradient Ventures.

The current round of funds would be utilised by Wage to accelerate customer acquisition and support additional payroll data partnerships.

About Wage

Wage was founded in the year 2018 by Ben Prawdzik and Shaan Patel. It develops API infrastructures for the transfer of authentic and up-to-date financial/payroll information in a secure and efficient manner.

Unlike other payroll data companies that often ask consumers for their login details and then deploy bots to fetch their data in a process known as web scraping, Wage uses direct integrations with leading payroll and HR systems to access data in a fast and secure manner. Its API enables millions of people to easily apply for mortgage, personal loans, credit cards and more.

What the CEO has to say:

“Historically, payroll data access has been a burdensome process for financial services providers, consumers, and employers. Our solution is comparable to a credit check. We completely remove the friction point of relying on consumers or their employers to act, whether uploading a document, entering data, taking a phone call, or going through a login flow.”— Ben Prawdzik, co-founder and CEO of Wage.

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