The payroll tech provider, Symmetrical.ai has managed to bag 18.5 million USD, in an attempt to expand the brand internationally. This huge sum of funding was acquired by the firm via the participation from venture capital funds like Global Founder Capital, Partech, Finch Capital, Inovo and Market One Capital. Symmetrical.ai plans on using these funds to expand their team as well as increase their offices across Europe. At present the firm is based in the UK, London, with a few outlets in Warsaw and Barcelona as well.
The people behind the idea
For one of the founder’s of Symmetrical.ai, Piotr Smolen, this is not his first entrepreneurial undertaking. Smolen has also co-founded Turbine Analytics, which is a Poland-based investment data processing firm. The other co-founders of Symmetrical.ai, Daniel Wartolowski and Maciej Noga have previously worked in HR and recruitment solutions where they familiarized themselves about the various issues surrounding the payroll system for international employees. Wartolowski worked with EY as an analyst, whereas Noga worked for Grupa Pracuj, a central European company that specializes in human resources. This is what served as the inspiration behind the organization.
The inspiration behind Symmetrical.ai
The primary vision of the company was to make the process of paying multinational employees easy for organizations. In the era of remote work it has become essential for corporations to find a simpler way to tackle the issue of payment to their employees, especially those organizations that have a lot of their employees based across the globe or who work remotely. Considering that the pandemic has negatively impacted businesses worldwide, a lot of processes and systems have also been digitized in this time. In order to adhere to the safety requirements which arose as a result of the pandemic, work from home became the new normal. In such circumstances, the issue of paying employees based internationally proved to be a hassle for companies. The founders of Symmetrical.ai, Piotr Smolen, Daniel Wartolowski and Maciej Noga started the organization based on their personal experiences with such a system. They themselves had been international employees and faced similar challenges surrounding their payroll.
Symmetrical.ai is currently revolutionizing the way companies and major corporations in Europe approach this issue. As it is difficult for them to keep track of various software for payroll systems for multiple employees as well as synchronize payrolls and financial systems for different nations with accuracy, Symmetrical.ai is providing an effective and easier alternative. Through the use of this software, managers and officials can approve of domestic and foreign salaries with multiple payroll systems from different places. This also makes it accessible and allows managerial teams to stay connected to each other as well as with HR (human resource) departments by using Symmetrical.ai’s API (Application programming interface)- based platform. Not just that, managers are also able to view deductions and ad-hoc payments, which also routes payments to the appropriate systems. Furthermore, employees can also access, and manage their salary data.
