Pento, a Copenhagen-based startup, has raised $2.8 million in its seed round of funding. The financing round was led by Seedcamp and Point Nine Capital. The startup had earlier raised funds from worth from Preseed Ventures, and Futuristic.vc.
The company was incorporated in 2016. Its founders are Jonas Bøgh Larsen and Emil Hagbarth. It specializes in providing payroll service to modern businesses and offers complementary features to employees, such as user-friendly access to pay history and personal pay-related data. The number of customers that Pento caters to is 400 and is likely to launch services in the UK soon.
Its customers include companies sized between 1-150 employees. But, Pento is seeing quite a lot of demand from bigger companies too. The services under its belt include pension reporting, tax reporting, payslip generation, bookkeeping, and pay-out to employees and tax authorities. The business model is based on SaaS, which charges a monthly subscription.
Mr. Larsen says that admins can carry out the complete payroll process in one single product in minutes.
Pento’s competitors include traditional payroll outsourcing; Payfit, XEros Payroll, and software products such as MoneySoft, Sage, and Brightpay.
“Contrary to other newer payroll products like Payfit and Xero, Pento has a 100% focus on payroll, not HR or accounting, and we will much rather integrate to other products in the ecosystem than try to build it all ourselves,” adds Larsen.