Atomic, the provider for payroll connectivity, announced on October 12, 2021 that it has acquired $22 million in Series A financing in order to expand its payroll integration platform and grow its team of professionals.
The investment round comes as the company’s solution is on pace to reach over 120 million Americans, or 75% of the country, “by year end.”
Atomic has secured over $38.6 million since its inception back in 2019. Core Innovation Capital has reportedly led the the firm’s latest round of funding, along with contributions from existing investors Portag3 Ventures and Greylock Capital Management.
“We created Atomic to help the most financially vulnerable members of our society access transparent financial services that they can trust,” stated Jordan Wright, Co-founder and CEO of Atomic.
“Our traction with customers is a testament to our product experience,” added Scott Weinert, Co-founder and CTO. He added that “this infusion of capital will be focused on continuing to deliver [innovative] financial solutions.”
As noted in a release, Atomic’s payroll APIs are “the leading 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 clients leverage Atomic’s payroll connectivity to “empower end consumers to harness the power of their paychecks and permit access to their financial data trapped in employer payroll systems.”
Atomic is trusted by over 40 financial institutions, Fintech and tech companies, which reportedly includes 11 of the largest consumer finance applications.
Atomic was developed to create a new generation of banking accounts and streamline banking apps into consumer-focused platforms. Its tech is “enabling innovative fintech solutions that reach more than 1.5 million unique consumers a month” via major 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.
Arjan Schütte, Founder and Managing Partner of Core Innovation Capital, remarked:
“Today’s broken financial services infrastructure hurts everyday Americans, especially those living paycheck to paycheck. Atomic is at the forefront of creating a faster, safer and more inclusive financial infrastructure and shares Core’s mission of financial empowerment.”