Thera, a payroll and payments platform, has announced that it has raised a $4 million Seed round with participation from Y Combinator, 10x Founders, Amino Capital, Zillionize, and Bayhouse Capital.
Angels in the investment round reportedly “include Oliver Jung, Chris Bakke, Andrew Yeung, Akash Magoon, and Bobby Matson.”
The company will use the funds to accelerate its growth “by further developing its platform and expanding its team in New York City.”
Managing payments for a global team “is complex, opaque, and expensive. Fintech is entering a bundling era, and Thera is leading the charge.”
Thera replaces multiple financial tools, “providing businesses with a seamless experience and the best rates available in the market.”
Its platform includes an ecosystem of apps including payroll, treasury, and AP/AR.
Akhil Reddy, Founder of Thera said:
“Payments continue to be a massive challenge for many companies today. Through our unique bundled app model and customer-centric approach, we strive to create a streamlined experience to manage all financial ops all while increasing our customer’s bottom line. We are committed to providing the rates and transparency the industry so desperately needs. What Wise did in the remittance space, we’re doing in the B2B payments space.”
Thera was founded in 2022 and was “accepted into Y Combinator.”
As of this fundraise, Thera processes tens “of millions of dollars in payroll annually for thousands of workers globally.”
Its customers include some of “the fastest growing companies in the United States including Oceans, Landed, 1840 & Company, and Zendrop.”
Nicolas Dessaigne, Group Partner. Y Combinator said:
“SMBs today are increasingly demanding bundled solutions. Thera replaces multiple financial tools, allowing businesses to manage their finances, payroll, payments, and compliance from one simple platform.”
Thera is the ecosystem of apps built “for global teams: payroll, treasury, AP/AR. With Thera, companies can manage all their financial operations from one platform at the best rates on the market.”
Thera powers hundreds of businesses’ financial operations, “as thousands of workers rely on Thera for payroll every month.”
Based in New York, Thera is a privately held, venture-backed company.