India-based payroll and workforce management startup Tartan has closed a $4.5 million funding round that it plans to use to scale its go-to-market operations, expand its in-house engineering team, double its headcount to 110 and enhance its product offerings, The Economic Times reported Monday (Aug. 1).
Tartan has now raised about $6 million in investment funding since it was founded in June 2021, according to the report. The company provides a white-labeled application programming interface (API) suite for financial institutions (FIs) to access consumers’ payroll data to their verify income and employment status.
“With this latest round closely following our seed financing, we’re more focused on our social purpose-driven mission to open up access to financial services and products for millions of people in the workforce,” said Tartan Founder and CEO Pramey Jain in the report.
Most recently, Tartan debuted Batik, an employee benefits marketplace for employers and HR management software providers. The initiative offers financial benefits, including earned wage access (EWA), salary-linked loans, credit card limit management and emergency funds, the report stated.
Investors leading the most recent funding round included 500 Global (previously 500 Startups), InfoEdge Ventures and Naval Ravikant-backed Quant Fund, according to the report. There was also participation from WorldQuant Ventures, Varanium GenNext Fund, 9Unicorns, Yatra Angel Network, Emphasis Ventures (EMVC) and Paisabazaar Co-Founder Naveen Kukreja.
Tartan brings more than 20 million white-collar employees and gig workers in India and grows at an average of 150,000 requests a month, the report stated. It works with more than 80 customers and partners, including banks, FinTech lenders, credit bureaus, insurance providers and recruiters.
In May, accounts receivable (AR) automation system Gaviti teamed with accounting, financial, HR and payroll firm Sage to better manage invoices, a move that will see Graviti integrate its account with the Sage Intacct cloud management system so customers of both companies can streamline their user collection processes and bolster businesses’ cash flow.
Read more: Gaviti, Sage Team on AR Automation
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