HR platform Flare raises $22M and expands to offer financial wellness solutions

Sydney-based Flare HR has raised $22 million in Series C, bring its total funding to $51.5 million. The round was led by KKR-backed accounting platform MYOB and included existing investors Point72 Ventures, Acorn Capital and David Fite, and Malcolm Turnbull joins as a new investor. Both Malcolm and David will join Flare as special advisors.

Founded in 2015 and a team of ~95, the startup offers a software to manage the on-boarding of new employees and various human resources functions including performance reviews and internal communications. It targets SMEs with less than 2,000 employees.

In addition to leading this round of funding, the company is partnering up with with MYOB, to deliver digital products and solutions to MYOB customers. This partnership will allow Flare to continue to focus on its mission of making it easy for Australian businesses to onboard, pay, and engage with their teams—at work, and beyond. The software will be available for MYOB SME customers by the end of the year, and Enterprise customers in 2021.

“We’re excited to play an active role in the next stages of Flare’s growth and look forward to working together to unlock the potential of their unique software. Our purpose at MYOB is to help more businesses start, survive and succeed, and what better way to do this than by empowering them to more efficiently onboard and engage the lifeblood of their business – their employees.” – General Manager Financial Services, MYOB, Andrew Baines.

“This capital raise allows us to improve our market-leading B2B solutions, and expand our growing suite of workplace financial products designed to help every Aussie get the most out of their money, no matter what they want to do with it, and help them achieve financial security. We are incredibly excited to roll these products out over the coming months.” – Flare HR.