SmartPay Solutions Raises $1.4M in Funding

smartpaySmartPay Solutions, a Southington, Connecticut-based provider of pay-as-you-go workers compensation solutions for payroll companies, insurance agents and insurance companies, raised $1.4m in funding.

Backers included Connecticut InnovationsTennant Capital Partners, which have both made a follow-on investment of $500k, Stonehenge Growth Capital as well as the company’s new chief executive officer and chief financial officer.

The company, which had previously raised $1.3m, intends to use the funds to strengthen its executive leadership and scale its operations.

Led by newly appointed Stephen Holcomb (CEO) and Robert Conerly (CFO), SmartPay provides payroll companies, insurance agents and insurance companies with pay-as-you-go workers compensation solutions including cloud-based software, professional expertise, access to insurance and financing markets, processing capabilities, and marketing support.



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