Fintech Funding: Stripe leads $75M round for US payroll startup Check Technologies

Payment fintech Stripe last week led a $75 million series C funding round for payroll software fintech Check Technologies, bringing the company’s valuation to $725 million. [caption id="attachment_221480" align="alignright" width="300"] Photo by CanStock[/caption] New York City-based Check is a payroll program that merges data from time and attendance, accounting, sales, human resources and other systems. It automates tax filing and paperwork, CEO Andrew Brown told Bank Automation News . The Check platform is optimized for developers, CEO Andrew Brown said in the announcement. In addition to the payroll platform, Check offers a low-code , application programming interface (API)-enabled product called Components for integrations with e-commerce websites and mobile applications. It also integrates with QuickBooks and Plaid . The funding round had participation from Bedrock Capital, Thrive Capital and Index Ventures, Check co-founder and Brown said in a blog post . The startup has raised $119 million over four funding rounds, according to Crunchbase. Stripe also participated in Check’s series B funding round in January, which raised $35 million. NayaPay raises $13M to provide financial services in Pakistan Pakistan-based fintech NayaPay announced Wednesday that it raised $13 million in a seed round. The two-sided payments platform allows consumers to pay by smartphone or with a debit card in a country with the third-largest population of unbanked people, according to Bloomberg Mercury. NayaPay became the first startup to offer financial services after receiving a license from the State Bank of Pakistan in August 2021, and began by targeting students and freelancers. The round was led by Zayn Capital, MSA Novo and Silicon Valley early-stage investor Graph Ventures. Vymo secures $22M to expand in US, Japan Vymo, an intelligent sales engagement platform, announced Tuesday that it has raised $22 million in a series C funding round led by Bertelsmann Investments, Emergence Capital and Sequoia Capital. The San Francisco-based company captures sales engagement across channels, distills behavioral signals and translates these into actionable “nudges.” The platform was founded in 2013 and is used by $2.8 trillion BNP Paribas, $230 billion HDFC Bank, insurance and asset management provider Generali and Sun Life Financial. Its clients have seen 2x growth in customer acquisitions, according to a release. Vymo has raised $45 million to date with the latest round of funding being used to expand in the U.S. and Japan. As part of the financing, Bertelsmann's partner Rohit Sood will join the kcompany’s board, according to the release. “2021 was a momentous year for us with quarterly growth at more than 20%, 142% net recurring revenue (NRR) and zero logo churn,” said Yamini Bhat, co-founder and CEO of Vymo. “We also entered the U.S. market with wins like Berkshire Hathaway and onboarded some of the largest insurers in Japan. Sales tech is a $10B+ opportunity in just these two countries alone and this fundraise will help accelerate our growth plans for these markets.” Vymo partners include Microsoft, Salesforce, SoftBank, LINE WORKS and EY. Scalapay becomes Italy’s first unicorn with $497M series B Scalapay, a Milan-based buy-now-pay-later (BNPL) company , announced Wednesday that it raised $497 million in a series B funding round to become Italy’s first unicorn with valuation that is “well north of a billion,” a spokesperson said, declining to discuss the exact valuation. The company offers customers three interest-free payment plan options: pay in three or four installments, or pay entirely after 14 days. Scalapay also offers a checkout platform for e-commerce merchants called Magic. Tencent and Willoughby Capital led the round, with Tiger Global, Gangwal, Moore Capital, Deimos and Fasanara Capital participating. Scalapay was founded in 2019 and has raised more than $700 million to date, according to a release. Since its recent series A round, the company has grown its payment volume three times month over month, the release said. Neobank platform Niyo nabs $100M Indian neobank platform Niyo announced Thursday that it has raised $100 million in a Series C funding round led by Accel & Lightrock India, with participation from Beams Fintech Fund. Prime Venture Partners and JS Capital participated were among the participants. Niyo, founded in 2015, offers digital savings accounts and other banking services in partnership with banks. The company currently has about 4 million customers across its banking and wealth management products. Niyo plans to use the funding for product innovation, marketing and branding, increasing its distribution footprint and hiring talent, according to a release. Also this month, Niyo has launched India's first fully digital salary account. In addition, the company plans to offer personal loans, credit cards, integrated forex and other banking products in the next three months. Bank Automation Summit, taking place March 1-2 in Charlotte, is the first and only event to focus solely on automation in banking. The event will feature the brightest minds from across financial services on intelligent automation strategies and deployment. Learn more and register here for Bank Automation Summit 2022 .

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