Monzo and Zoom founders invest in payroll automation startup Pento

Monzo and Zoom founders invest in payroll automation startup Pento

News
May 19, 2021 by J.D. Smith
19
Danish payroll automation startup Pento has raised $15.6 million in a Series A funding round joined by a bevy of high-profile angels, including Monzo founder Tom Blomfield, Zoom CEO Eric Yuan and Stripe vets Diede van Lamoen and Timothy Thairu. The round was led by General Catalyst with participation from Avid Ventures, LocalGlobe, as well
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Danish payroll automation startup Pento has raised $15.6 million in a Series A funding round joined by a bevy of high-profile angels, including Monzo founder Tom Blomfield, Zoom CEO Eric Yuan and Stripe vets Diede van Lamoen and Timothy Thairu.

The round was led by General Catalyst with participation from Avid Ventures, LocalGlobe, as well as Daniel Graf (Uber, Twitter, Google), Mike Vaughan (Venmo), and Susan Sobbott (American Express), among others.

Pento is promising to simplify the often complicated and time-consuming payroll process faced by European businesses that opt for traditional outsourcing route.

The startup’s platform automates the work, with real-time calculations, tax reporting, payslip generation, and payments, letting companies submit the payroll in one single click. Pento also integrates with the most popular HRIS products, and users’ accounting/ERP.

So far, around 700 businesses have joined Pento and the company is now planning to expand to more countries, hire staff, build more integrations, and launch an open API.

Blomfield, who left Monzo earlier this year, tells Sifted that he has invested in four startups in recent months and expects to double this by the end of the year – although he is not sticking to fintechs.