Atomic, a Salt Lake City UT-based payroll connectivity provider, raised $22M in Series A funding.
The round was led by Innovation Capital with participation from existing investors Portag3 Ventures and Greylock Capital Management.
The company intends to use the funds for talent acquisition and scaling of its product experience.
Led by Jordan Wright, CEO, and Scott Weinert, Co-founder and CTO, Atomic provides the infrastructure to connect end consumers to their financial data and automate setting up and updating direct deposits.
Atomic’s payroll APIs represent a way for consumers to securely connect their payroll accounts to a third-party banking app to set up or switch direct deposit payments and to access financial data for income (VOI) and employment (VOE) verifications. Institutional customers leverage the company’s payroll connectivity to empower end consumers to leverage their paychecks and permit access to their financial data trapped in employer payroll systems. Atomic is used by more than 40 financial institutions, fintech and technology firms, including 11 of the largest consumer finance apps.
Its technology is enabling innovative fintech solutions that reach more than 1.5 million unique consumers a month through leading financial providers, including:
- Coinbase, to enable greater access to the cryptoeconomy, through trading, spending, saving, and earning;
- Dave, to help consumers avoid predatory overdraft fees on its mission to create financial opportunity that advances America’s collective potential;
- Welcome Tech, to provide unbanked immigrants with access to checking and savings accounts;
- Propel, to help consumers manage government benefits and money through its financial app, Providers;
- Lendtable, to empower employees to optimize their benefits and retirement planning;
- Klover, to help consumers improve their financial freedom and access their earned wages early;
- Unfimoney, to help next-gen investors achieve long-term investment and savings goals;
- Bond, to enable developers and brands to embed financial products and build the next generation of personalized fintechs;
- MX, to empower the world to be financially strong through data-driven money experiences.
The company is a member of the Financial Health Network, a nonprofit network of financial services and financial technology providers committed to consumer- and employee-focused financial health innovations.