San Francisco-based Finch announced Wednesday it raised $40 million in Series B funding for its connected employment data solution. The capital comes from lead investors General Catalyst and Menlo Ventures and follows its $15 million Series A last June.
Having raised $58.6 million to date, Finch’s Series B comes after a period of growth for the company. Finch recorded a 12x increase in revenue since June, and it currently connects more than 1.8 million employees, the company said in a statement.
Finch works to make it easier for companies to connect employee data like names, salaries and status, with businss-to-business tools for payroll, HR and the like. Employment data is hosted across more than 20,000 disparate systems, according to Jeremy Zhang, Finch co-founder and CEO, but these systems are unable to communicate with each other seamlessly.
Serving HR tech companies, Finch’s API lets these businesses access directory, payroll and benefits data across more than 200 apps in a single place. The platform integrates with employment systems including Namely, Toast Payroll and most recently BambooHR and HiBob. Finch’s platform lets companies securely request access to employment data from their customers’ systems of record, according to Zhang.
“As the company grows we are excited to expand coverage and the sets of systems we offer. Additionally, we are looking forward to expanding internationally and expanding our customer base to include larger enterprises on top of our small to medium-sized businesses,” Zhang told Built In via email. “Ultimately, we’re enthusiastic to work with innovative companies that discover completely new use cases for employment data that empower their customers and their workforces.”
In addition to extending coverage to more payroll, HR and benefits systems, Finch will use its fresh capital to expand into new employment data verticals like benefits administration. It’ll also add new platform functionalities for things like automating payroll operations.
With this many development plans in the works, Finch is recruiting new talent to help it get things done. Its current team of 57 will grow across engineering, product and success. By the end of the year, Finch expects to reach a global headcount of well over 80 people, Zhang said.
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