Lano, a Germany-based Fintech that provides global payroll services, is raising growth capital on OurCrowd.
At the recent OurCrowd Investor Summit, CI had a chance to chat with founders Markus Schneemann and Aurel Albrecht.
The two entrepreneurs shared that Lano currently can provide payroll services in 170 different countries -a key characteristic in a world of virtual works.
Lano offers a consolidated payroll platform that works with local partners to streamline the nuances of paying employees and contractors as we as taxes. The platform helps with hiring and other HR features like benefits.
Companies with teams in multiple countries can standardize and automate their global payroll operations, offering an integrated API service that meshes with HR and other payroll platforms. Lano is part of the transition to embedded Fintech while allowing its customer to be compliant without having to operate a legal entity in various countries. Lano targets smaller to midsized firms from 2 to 2000+ employees.
Distributed teams are the norm, and this shift to home offices or work anywhere has been boosted by the pandemic. Currently, Lano services over 2000 companies around the world. the company reports that while most (70%) of its business is currently in Europe, they have global aspirations or as the founders explained – “a European champion with a global ambition.” The global market for their service is estimated to be around $800 billion.
Albrecht and Schneemann said they have recently successfully raised funding, and they were offering a portion of the offering to OurCrowd investors.
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