Total amount raised
$119 Million
Latest funding date
2/1/2022
Location
Check has participated in four funding rounds, with the latest being a Series C round involving eight investors, including Stripe as a lead investor. The company is backed by ten investors, with Contrary and Stripe being the most recent ones.
Check provides embedded payroll solutions for various platforms, offering features like money movement, tax calculation, and real-time payments. Keep reading to explore the intricacies of Check's fundraising journey and the investors backing this innovative platform.
What Is Check?
Check is a leading payroll infrastructure provider based in New York, New York. The company operates in the Information Technology, Payments, SaaS, and Software industries, offering embedded payroll solutions for various platforms.
Founded with the mission to simplify payroll integration, Check supports businesses in scaling their payroll services with features like money movement, tax calculation, and real-time payments. The company has an employee count ranging from 101 to 250.
How Much Funding Has Check Raised?
- Series C
- Amount Raised: USD 75,000,000
- Date: February 2022
- Lead Investors: Stripe
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand their payroll infrastructure and enhance product offerings.
- Series B
- Amount Raised: USD 35,000,000
- Date: January 2021
- Lead Investors: Stripe, Thrive Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and business reach.
- Series A
- Amount Raised: USD 8,000,000
- Date: January 2020
- Lead Investors: Bedrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and scale their payroll solutions.
- Seed
- Amount Raised: USD 1,000,000
- Date: January 2019
- Lead Investors: Bedrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their payroll infrastructure.
Total Amount Raised: USD 119,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Stripe
- Details: Stripe is a technology company that builds economic infrastructure for the internet. Businesses of all sizes use Stripe's software and APIs to accept payments, send payouts, and manage their businesses online.
- Investment Focus Areas: Fintech, E-commerce, SaaS
- Notable Investments: Shopify, Instacart, Lyft
- Thrive Capital
- Details: Thrive Capital is a venture capital firm that invests in internet and software investments. It focuses on building and supporting internet and software companies.
- Investment Focus Areas: Internet, Software, Technology
- Notable Investments: Instagram, Slack, GitHub
- Bedrock
- Details: Bedrock is a venture capital firm that invests in early-stage technology companies. It aims to support innovative startups with potential for significant growth.
- Investment Focus Areas: Technology, Startups, Innovation
- Notable Investments: Not publicly disclosed
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 product and significant backing from investors like Stripe and Thrive Capital, the company is well-positioned to expand its operations and business reach.
Future fundraising opportunities seem promising, given the successful Series B round. As Check continues to innovate and enhance its payroll infrastructure, additional funding rounds could support further growth and potential strategic acquisitions.
However, challenges such as competition from other payroll providers and the need to maintain service quality while scaling operations may arise. Staying ahead in the rapidly evolving fintech industry will require continuous innovation and strategic planning.
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