Symmetrical.ai raises £14.7m to simplify international payrolls
Payroll tech provider Symmetrical.ai has raised £14.7m in a funding round to support the company’s goals of international expansion.
Based in London, with offices in Warsaw and Barcelona, Symmetrical.ai was founded to tackle the issue of providing payments to international staff.
The difficulty of coordinating the payroll and financial systems of different countries is especially significant in the age of remote work.
The inspiration for Symmetrical.ai came from the founders’ own experiences as international workers. Having to track the different software and payroll processes of different jurisdictions was needlessly difficult for them.
With Symmetrical.ai’s API-based platform, managers are able to approve domestic and international salaries with different payroll systems from different locations cleanly accessible and connected to each other for HR departments.
“Our bold ambition is to make payroll invisible,” said company co-founder and CEO Piotr Smolen.
“We believe that 10 years from now, ‘payroll software’ will be eliminated from the dictionaries. Invisible payroll will be a crucial element across broader platforms and thanks to our vision, we will be at the forefront of this new trend.”
Symmetrical.ai co-founder and COO, Daniel Wartolowski added: “The biggest pain point for our customers is not having their payroll centralised across all the countries they operate in.
“This is an extremely complicated and expensive process. Symmetrical’s API technology not only displays payroll but carries complex payroll processes.”
The funding round was led by Target Global, with participation from Global Founders Capital, Finch Capital, Partech, Maret One Capital and Inovo.
Target Global partner Ben Kaminski said: “Over the past few years, we have witnessed a radical change in the employer-employee relationship – from gig workers becoming the dominant workforce across many sectors, to employees expecting to be able to work remotely across the globe.
“This has led to companies having to rethink their payroll operations, traditionally outsourced to old-school companies with rigid processes and poor integration amidst a growing ecosystem of HR tools. This is why we are excited to back Symmetrical.”