Payroll Solution Firm Atomic Adds $40M in Series B Funding Round

Payroll connectivity solutions platform Atomic on Thursday (March 3) announced it raised $40 million through a Series B funding round that will help the company continue to build its payroll connectivity ecosystem geared toward “consumers with limited access to financial services.”

Mercato Partners and Greylock co-led Atomic’s Series B investment round, with participation from Core Innovation Capital, Portage and ATX Venture Partners. The effort follows a Series A round of $22 million announced in October.

Atomic will use the fresh capital to add to its own team and create new solutions, including the ability for consumers to qualify for and repay financial obligations directly from their paycheck, tap earned but unpaid wages ahead of their pay cycle and access their payroll data with passwordless authentication through its proprietary Uplink technology.

Through Atomic, consumers will be able to “invest, save and build wealth by unlocking the power of their paychecks,” according to a company press release.

“Our goal is to build a fintech infrastructure that enables a new generation of bank accounts and transforms banking applications into consumer-centric platforms,” said Jordan Wright, Atomic’s co-founder and CEO.

Atomic said it has a 75% direct-deposit conversion rate and reaches 125 U.S. million workers — more than three-quarters of the workforce — across 450 payroll integrations. Through the end of 2021, Atomic was serving more than 17.5 million consumers.

Related: Revolut Launches UK Payroll Service

In February, online bank Revolut launched a new payroll management service in the United Kingdom, the company announced.

Called Payroll, the service allows customers to manage payroll out of their business banking accounts while managing tax, national health insurance and pension contributions.