Danish startup Pento has raised USD 15.6 million in Series A funding as announced on May 19, 2021. The total funds raised by the company to date are USD 18.4 million.
The round was led by General Catalyst. Other investors participating in the round were Avid Ventures and LocalGlobe from the UK. Existing investors like Point Nine Capital, Moonfire Ventures, Hustle Fund, and the SeedCamp were also present. Angel investors like Stripe (Thairu and Diede van Lamoen), Monzo (Tom Blomfield), GoCardless(Matt Robinson), Cuvva (Freddy Macnamara), Intercom (Des Traynor) were there during the round.
About Pento
Founded in 2016 by Jonas Bøgh Larsen who is the CEO and Emil Hagbarth who is the Chief Technological Officer, with headquarters in London, Pento is engaged in helping the companies in automating their payroll system by offering them SaaS, and by providing other special features to the employees.
The platform includes features like Tax reporting, pension reporting, payslip generation, payouts to employees and tax authorities, and bookkeeping.
The customers of the startup are the companies with 1-150 employees and Pento charges £3 per employee per month for the basic plan and £7 per employee per month for more support and more features. Hundreds of companies are already using the Pento platform for their payroll in Denmark and the startup has now started inviting the UK companies on board. Big tech firms like Pleo and Cuvva, large hospitality brands like Honest Burgers, and retail and e-commerce brands like Lacoste and Beauty Pie are its customers. The startup has helped them in replacing spreadsheets and giving access to cloud-based tools, real-time calculations, transparency, and online and telephone support.
What does the CEO say?
“Payroll is a very manual process for most companies, which causes errors and is super time-consuming. The process usually includes a lot of manual tasks like updating spreadsheets, sending emails with personal information, making manual bank transfers, manually keying in data from HR software, and much more. We have built a SaaS product that automates all of this.”
“There is so much we can do to make payroll more efficient for companies, and more transparent, flexible, and user-friendly for employees. Full automation unlocks so many new ways for modern workplaces to give their employees the experiences they deserve. Building the best possible payroll workflow for companies and payroll admins is just the beginning — being an employee on the receiving end of payroll is still extremely intransparent and inflexible. We’re going to change that.”
“The biggest process we’re replacing is payroll outsourcing where companies are outsourcing payroll to an accountant, which the vast majority of companies do in Europe. We automate the entire process from reporting to tax calculations to payments. So, what most other platforms or payable products do is basically just helping you calculate the right taxes and National Insurance, and so on. We also take care of the reporting. We also do payments, and we integrate the product to other HR products.”
What do the investors say?
Adam Valkin, Managing Director at General Catalyst said: “Despite being so business-critical, payroll is one of the least digitally advanced services across the globe. It’s also one that has garnered a reputation for being too complex, too convoluted, and too out of reach for those who aren’t payroll specialists, leading many to consider expensive outsourcing as the only route to go. Pento dispels this myth because it’s built purely with HR and finance teams in mind, by business leaders who truly understand the frustrations involved. It’s easy-to-use, transparent, flexible, secure, and affordable. It’s what payroll should be in a modern company and it represents the future of employee compensation.”
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