Earny, a Switzerland-headquartered company that aims to streamline and automate payroll for SMEs, recently revealed that it has launched its Software-as-a-service (SaaS) as a public beta this month.
By providing access of its solution to a relatively small group of clients, Earny says it is planning to obtain feedback so that it can further improve the product.
Earny’s management also mentioned that the Fintech firm is preparing to introduce a more refined product during Q1 2022. The Swiss startup had recently acquired around CHF 1 million in capital from Polytech Ventures, ACE & Company, and Fusion Partners.
Established in May 2021, the firm’s platform enables accountants, SMEs and workers to easily enter their data securely into a central platform that is automatically included as part of the payroll process.
Earny’s management further revealed that they have managed to acquire a Swissdec certification which aims to ensure that the software app is able to calculate payroll in an accurate manner for all the different employee scenarios.
Bassil Eid, Co-founder of Earny, stated:
“Typically, it takes 2 years to launch a payroll app in Switzerland and receive a SwissDec certification. We bought an existing SwissDec app and used this backend as the payroll calculator allowing us to focus on reimagining the front end experience. Believe it or not, accountants, SMEs and employees are still sending emails & excels to each other with sensitive payroll data. That data is then re-typed into payroll software either an Abacus or Cresus.”
Earny confirmed earlier this month that it had finalized its seed round which has been backed by Polytech Ventures, ACE & Company, and Fusion Partners. As noted by the firm, the proceeds will be used to “accelerate the launch of Earny’s public SaaS beta in Q4 2021.”
Earny aims to “simplify and automate the payroll process by improving coordination between accountants, SMEs and employees.”
Bassil explained:
“Believe it or not, accountants, SMEs and employees are still sending emails & excels to each other with sensitive payroll data. That data is then re-typed into payroll software either an Abacus or Cresus.”
He added:
“Earny’s platform allows the accountant, SME and employee to enter data securely into a central platform that is automatically included in the payroll. Our solution goes a step further to automate the running of payroll on the 25th of every month if there are no changes in the previous month.”
Earny takes away email and offers on platform company & employee onboarding, tracking of payroll changes like hours / vacations and an accountant dashboard to manage all customers, the company noted.
Guillaume Dubray, CEO of Polytech Ventures, had noted earlier this month:
“We were inspired by a U.S payroll startup called Gusto who secured 175 Mil in August 2021 for a 10 Billion USD valuation claiming 200,000 SME customers. In Switzerland, we have close to 600,000 SMEs which employ 3 Million Swiss. In addition, there are 45,000 newly created SMEs each year. Today alone there are 137 newly created SMEs.”