Atomic, a pioneering fintech company focused on payroll connectivity, has announced a significant milestone in its journey. The company has successfully raised a preemptive $40 million Series B funding round, co-led by prominent venture capital firms Greylock and Mercato Partners. This substantial investment underscores the confidence in Atomic’s vision to empower consumers with enhanced financial access by unlocking the potential of their payroll data. This funding round, which also saw participation from Core Innovation Capital, Portage, and ATX Venture Partners, is set to propel Atomic’s mission to build a more inclusive and efficient financial ecosystem.
Payroll data, often an untapped resource, holds immense potential to reshape the financial services landscape. Atomic is at the forefront of making this data accessible and interoperable, paving the way for innovative and cost-effective financial products. By leveraging payroll connectivity, financial institutions can mitigate fraud, enhance privacy measures, improve customer loyalty, and ultimately offer better services. For consumers, this translates to improved financial outcomes and greater control over their financial lives.
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Atomic’s innovative approach has resonated with leading neobanks and fintech platforms, including industry giants like Coinbase, Dave, Welcome Tech, and Propel, alongside over 70 financial institutions and technology partners. The company’s consistent market preference is attributed to its superior direct-deposit conversion rates and extensive consumer coverage. In 2021, Atomic’s coverage spanned over 75% of the U.S. workforce, encompassing 125 million workers and integrating with more than 450 distinct payroll systems. By the end of that year, over 17.5 million consumers had engaged with Atomic’s platform, highlighting its rapid growth and market penetration.
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The practical benefits of Atomic’s payroll connectivity are evident in the experiences of everyday users like Andres Asprilla, a Microsoft advisor. For Andres, switching to a neobank powered by Atomic’s infrastructure meant gaining early access to his paycheck and instant access to his tax refund. This shift has been instrumental in avoiding overdraft fees and taking charge of his finances, demonstrating the tangible impact of Atomic’s technology on individual financial well-being.
The Series B funding round, spearheaded by Atomic Greylock Mercato Partners, marks a significant vote of confidence in Atomic’s trajectory and potential. Ryan Sanders, Managing Director at Mercato Partners’ Traverse Growth Fund, emphasizes Atomic’s mission to liberate payroll data for the benefit of the entire fintech ecosystem. He praises the company’s vision of creating more accessible entry points to financial services and establishing itself as the foundational infrastructure connecting fintechs, banks, and consumers through their paychecks. Sanders highlights the unique ability of Atomic to generate positive outcomes for both its customers and shareholders.
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Echoing this sentiment, Josh Mcfarland, Partner at Greylock, reflects on their initial investment in Atomic in 2020. Greylock’s early belief in the transformative power of consumer-permissioned access to payroll data has been validated by Atomic’s success. Mcfarland acknowledges Atomic’s pivotal role in shaping the future of financial services by effectively harnessing the wealth of data within paychecks. The continued support from atomic greylock mercato partners underscores the long-term vision they share with Atomic.
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With this new infusion of capital, Atomic is poised to expand its team, accelerate product development, and pioneer groundbreaking solutions. These innovations include facilitating direct paycheck-based qualification and repayment for financial obligations, enabling access to earned wages before payday, and enhancing data security through its passwordless authentication technology, Uplink. Uplink empowers users to securely share payroll information with third-party applications without divulging sensitive credentials, setting a new standard for data privacy and security in the fintech space.
Atomic’s remarkable progress is deeply rooted in its company culture, which fosters an environment where individuals are empowered to contribute meaningfully. Scott Weinert, Co-founder and CTO of Atomic, emphasizes that the company’s compelling vision of greater financial fairness attracts top talent and motivates them to excel.
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Atomic is not just building technology; it’s building a future where financial services are more accessible, equitable, and efficient. The Series B funding led by Greylock and Mercato Partners is a testament to Atomic’s leadership in the payroll connectivity space and its potential to reshape the financial industry for the better.
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About Atomic
Atomic is the leading provider of payroll APIs, trusted by numerous major fintech firms, including digital neobanks, alternative lenders, and digital brokerages. Its robust platform is utilized by over 70 financial institutions and partners. Atomic’s payroll integrations provide essential infrastructure for verifying income and employment, automating direct deposit setups and updates, enabling paycheck-based loan repayments, optimizing tax withholdings, and facilitating access to earned but unpaid wages. With a single API, Atomic simplifies complex payroll integrations across over 450 unique payroll connections. The company’s total funding now stands at $78.6 million, backed by prominent investors including Mercato Partners Traverse, Greylock, Core Innovation Capital, Portage, and ATX Venture Partners.
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