Total amount raised
$119 Millions
Latest funding date
2/1/2022
Location
Check has successfully raised significant capital through multiple funding rounds, with its most recent being a Series C round. The company is a leading provider of embedded payroll solutions, enabling platforms to seamlessly integrate payroll services.
Continue reading to delve into the details of Check's funding journey and discover the investors who are backing this innovative payroll infrastructure provider.
What Is Check?
Check, founded in 2019, is a leading payroll infrastructure provider based in New York, New York. The company enables platforms to seamlessly integrate payroll services, allowing businesses to build their own payroll offerings with minimal overhead.
Founded by Andrew Brown, Eric Stromberg, and Vivek Patel, Check has quickly established itself as a key player in the payroll industry. The company offers a flexible API and deep expertise to help businesses launch profitable payroll services.
With a team of 101-250 employees, Check continues to innovate and expand its services, supporting over 250,000 businesses and more than 4 million employees through its partners.
How Much Funding Has Check Raised?
- Seed Round
- Amount Raised: $1M
- Date: January 2019
- Lead Investors: Bedrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their payroll infrastructure platform.
- Series A
- Amount Raised: $8M
- Date: January 2020
- Lead Investors: Bedrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: $35M
- Date: January 2021
- Lead Investors: Stripe, Thrive Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding operations and business reach.
- Series C
- Amount Raised: $75M
- Date: February 2022
- Lead Investors: Stripe
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance service offerings.
In total, Check has raised $119M. The current valuation is not publicly disclosed.
Key Investors
- Stripe
- Details: Stripe is a technology company that builds economic infrastructure for the internet. Businesses of all sizes use its software to accept payments and manage their businesses online.
- Investment Focus Areas: Payments processing, financial services, internet commerce
- Notable Investments: Paystack, Rapyd, Fast
- Thrive Capital
- Details: Thrive Capital is a venture capital firm that invests in internet and software companies. It was founded by Joshua Kushner in 2009.
- Investment Focus Areas: Internet, software, technology sectors
- Notable Investments: Instagram, Slack, Robinhood
- Bedrock
- Details: Bedrock is a venture capital firm that focuses on early-stage investments in technology companies. It aims to support innovative startups with high growth potential.
- Investment Focus Areas: Technology, consumer, enterprise
- Notable Investments: Cameo, Figma, Plaid
What's Next for Check?
Check is poised to capitalize on the growing demand for embedded payroll solutions in vertical SaaS, HR, and time-tracking platforms. With a customizable API and modular white-label components, the company is well-positioned to expand its operations and business reach, leveraging the $35 million raised in its Series B funding round.
Future fundraising opportunities seem promising, given the backing from prominent investors like Stripe and Thrive Capital. However, Check will need to navigate challenges such as competition from other payroll providers and ensuring seamless integration for diverse client needs. Maintaining service quality while scaling operations will be crucial for sustained growth.
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