San Diego-based technology firm Payroll Integrations has successfully raised $20 million in its Series A funding round. Led by Arthur Ventures, the Minneapolis-based growth equity firm, the funding round aims to advance the company’s mission to support employees’ financial wellness through benefit automation.
Payroll Integrations simplifies and streamlines the administrative processes associated with employee benefit programs.
By establishing a direct two-way connection between payroll providers and benefit platforms, the company’s technology captures employee census and payroll data, transforming it into a structured, ready-to-use format. This approach significantly reduces processing time and errors in employees’ benefit plans, saving employers more than 100 hours per year.
The funding will be utilized to expand the company’s product line, strengthen relationships with payroll companies and benefit platforms, and enhance data connectivity to further support employees’ financial wellness. Payroll Integrations currently works with over 4,000 companies, connecting payroll with retirement, HSA, and other employer-sponsored benefit plans for more than one million employees.
The company collaborates with 70% of the payroll provider landscape, including major names like ADP, Paychex, and Quickbooks Online, as well as 90% of the largest 401k providers such as Empower, Transamerica, Principal, Voya, and John Hancock.