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Zeal secures $15M to revolutionize payroll

Friday, October 11, 2024 — 13:05:54 (EDT)

Zeal Secures $15M Series B Funding to Revolutionize Payroll for Modern Work

October 10, 2024 09:00 AM Eastern Daylight Time

SAN FRANCISCO--(BUSINESS WIRE)--Zeal, the modern payroll platform designed to power the workforce of today and tomorrow, proudly announces the successful close of a $15 million Series B funding round. This latest investment, led by Portage with continued support from existing investors Spark Capital and Commerce Ventures, marks a significant milestone in Zeal’s mission to redefine payroll for innovative staffing companies, gig-work platforms, and HR service providers, including industry leaders like Wonolo, Qwick, Lawtrades, Band of Hands, and WorkGenius.

As workforces evolve and the demand for flexibility and automation grows, traditional payroll systems are falling short. Zeal is stepping up to fill this gap, offering a payroll platform automated and flexible to handle the complexities of modern work and native to meet the needs of modern workers. With this new funding, Zeal is doubling down on its commitment to innovate and provide cutting-edge payroll solutions that meet the unique needs of today’s dynamic labor market.

The current workforce has an increasing preference for flexible work arrangements. Staffing companies, gig platforms, and HR service providers are rising to meet these demands, but they require modern tools to manage payroll efficiently. Zeal’s platform is built to accommodate these new working models, ensuring seamless payroll processes regardless of the complexity of work arrangements.

"Zeal's mission is to empower companies to meet the needs of modern workers by automating payroll and enhancing worker experiences," said CEO and Co-Founder Kirti Shenoy. "We are seeing incredible interest in our modern payroll platform and new products. With this new funding, we’ll continue innovating to help businesses streamline operations, offer new services, and launch best-in-class worker experiences quickly."

With the new capital, Zeal is excited to introduce several product innovations that will further enhance its platform’s capabilities:

Remote I-9 with E-Verify: A mobile, custom-branded solution for effortless employment verification. Custom paperwork: Streamlined employee onboarding with customizable document workflows. Benefits administration: Simplified benefits management to improve worker retention and compliance.

White-label mobile app: A customizable mobile app for workers to access pay and information anytime, anywhere.

Paycards and digital wallets: Offer an Uber Money like experience in the white-label app, combining payroll information with a paycard and digital wallet. Unlock revenue from wage payments with every card swipe and dollar saved.

Earned wage access: Create better worker experiences with accurately calculated daily pay and fast access to funds.

Zeal’s platform stands out in the market by offering increased flexibility, allowing companies to customize every aspect of their payroll process. Automation is at the heart of Zeal’s solution, enabling businesses to put payroll on autopilot, reducing operational costs, and ensuring compliance across all jurisdictions. Furthermore, Zeal’s mobile-native approach ensures that workers can access their pay information in a seamless, modern experience, reflecting the expectations of today’s digital-native workforce.

"As businesses continue to adopt a broader range of technologies to manage their workforces, it’s crucial that payroll functions are not left behind. Zeal addresses the inefficiencies of existing payroll solutions that still rely on manual processes, particularly in the context of a growing workforce of gig and freelance workers. We believe Zeal is uniquely positioned to drive this necessary integration and innovation in the payroll space,” said Ricky Lai, Partner at Portage.

As companies navigate the evolving complexities of the modern workforce, Zeal is positioned to be the go-to solution for payroll innovation. The company’s commitment to flexibility, automation, and native technology ensures that it will continue to lead the way in transforming how businesses manage payroll in an increasingly dynamic work environment.

About Zeal

Zeal is a modern payroll platform purpose-built to meet the needs of today’s dynamic labor market. By providing flexible, automated, and native payroll solutions, Zeal enables businesses to reduce operational costs, improve worker retention, and offer superior worker experiences. Learn more about how Zeal is transforming payroll at www.zeal.com

About Portage

Portage is a global investment platform focused on FinTech and Financial Services with over US $2.5 Billion assets under management.

Our team partners with ambitious companies across all stages, through Portage Ventures and Portage Capital Solutions. We provide flexible capital and deliver a global network of investors, commercial partners, advisors, and value creation experts. With deep industry knowledge and entrepreneurial experience, Portage is committed to supporting the leaders who are reshaping financial services. Portage operates in the United States, Canada and Europe. Portage is a platform within Sagard, a global multi-strategy alternative asset management firm with over $25B under management. For more information, visit www.portageinvest.com.

Contacts

Bristol Jones Bristol.Jones@avenuez.com

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Source: Company press release.