Zeal, the embedded fintech company, has managed to bag $13 million in Series A, led by Spark Capital. The fresh funds will be used to further develop the Company’s platform for building individualised payroll products. It will also be used to further build the team.
Other investors who participated in the funding round included, Commerce Ventures, along with Jason Gardner, CEO, Marqeta; Omri Dahan, CRO , Marqeta; Vlad Tenev, founder, Robinhood; Mitch Dauerman and BobManne, executives, UltimateSoftware; and Matt Straz, founder, Namely. With this round of funding, the Company has managed to gather a total of $14.6 million, including $1.6 million in a seed round last year.
Unlike the conventional third-party tools used by companies, Zeal’s application programming interface (API) allows customers to build their own payroll products, and even manage to make payments to workers on a daily basis. It has modernised the process of payroll and bears the payroll liability, even while handling the payment logistics at the back end.
Zeal’s offering is equipped to handle huge databases of workers and allows firms to keep their large workforces’ payment data on their own native systems. It can help process big volumes of payroll automatically. It also helps companies, especially the small and medium-sized ones to comply with income-tax payments.
Given that the US has about 200 million employees and more than $8 trillion of payroll processing takes place every year in the country, the scope for Zeal, which has been co-founded by Pranab Krishnan and Kirti Shenoy, to grow is immense.