Payroll Infrastructure Startup Check Announces $75 Million Series C Led by Stripe
Check, a leading payroll infrastructure startup, recently announced a significant milestone in its growth journey, securing a $75 million Series C funding round. This investment round, led by Stripe, a renowned API technology company specializing in online payment and commerce solutions, marks a pivotal moment for Check. The company, known for its innovative approach in allowing platforms to embed payroll functionality into their products, has now achieved a total funding amount of $119 million. This latest financial injection, supported by existing investors Bedrock, Thrive, and Index, propels Check’s valuation to an impressive $725 million, demonstrating strong market confidence in its business model and future prospects.
NEW YORK, Feb. 16, 2022 Check, the leading payroll infrastructure company that lets platforms embed payroll into their products, today announced it has raised a $75 million Series C led by Stripe, with participation from existing investors Bedrock, Thrive and Index. The company will use the funding to continue to make Check the easiest and most robust platform to build, launch, and scale new payroll businesses.
“The last decade has made it clear that the democratization of infrastructure can lead to explosive innovation,” said Andrew Brown, CEO and co-founder of Check. “It’s humbling seeing how — in just a year — platforms serving millions of employees across the country have chosen to work with Check. With this new injection of funding, we’re excited to accelerate our efforts to simplify how businesses pay their employees.”
Check publicly launched in January 2021. Since then, it has partnered with best-in-class vertical SaaS, workforce management, financial services, and staffing businesses, and supports all 50 states plus D.C. Check’s partners collectively serve more than 250K businesses and 4M employees, and include Homebase, ServiceTitan, and Procare, among others.
Check offers everything companies need to build, launch, and scale a payroll product, including Check’s intuitive API; Components, which enable flexible and customizable solutions; and a user-friendly customer management dashboard, Console. Payroll powered by Check embeds a simplified solution in the software platform businesses already use on a daily basis. Instead of syncing data to a standalone payroll provider, Check enables a radically improved user experience, in addition to unlocking a powerful new revenue stream for those platforms.
“Given Check’s technology-first approach — empowering developers with a programmatic infrastructure — it is ideally positioned to capitalize on growing demand for embedded payroll,” said Chris Sperandio, corporate development at Stripe. “Check offers a tailored, tightly integrated payroll platform and truly elegant experience — enabling companies to get started faster. We are thrilled to continue to support the Check team on their exciting journey.”
ABOUT CHECK
Check is a payroll infrastructure company whose mission is to make paying people simple. Its platform offers everything companies need to build, launch, and scale a payroll business, including Check’s intuitive API; Components, which enable flexible and customizable solutions; and a user-friendly customer management dashboard, Console. The company works with leading vertical SaaS, workforce management, financial services, and staffing businesses, and supports all 50 states plus D.C.. To learn more, visit https://www.checkhq.com.
