Pento raises $35 million

Pento, the London-based startup offering payroll services, has closed a $35 million Series B round co-led by Tiger Global Management and Avid Ventures. Additional investors include General Catalyst, Point Nine, LocalGlobe/Latitude, Seedcamp, Moonfire Ventures, and others.

Founded in 2017, Pento has raised around $53 million to date to help free up companies from “onerous outsourcing and outdated software.” It serves over 700 businesses including Starling Bank and Cuvva and has integrated with a variety of partners such as Personio, Hibob and BambooHR. The startup caters to SMEs and mid-sized businesses with 30 to 500 employees, while increasingly serving larger enterprises with around 2,000 employees.

“Payroll is a global problem, but in Europe, it can get especially tricky due to the ever-changing regulations, complex legislation, and reporting requirements. Many companies, hence, default to outsourcing regardless of how inefficient, frustrating, and manual they can be. Europe is our primary focus because it has long been a market demanding change, a modern approach to payroll.” – Pento.