Stripe led the Series C round in cooperation with fellow investor Index, Bedrock and Thrive. The investment accelerates Check’s valuation to $725 million and a total investment of $119 million. Payroll is now being intrinsically embedded into their software services. Check offers software platforms to help digitization of payroll. Check collaboration with enterprises working with small businesses and aiding them in launching, building and scaling payroll services. Platforms like Paychex and ADP Workforce are long runners who exercise control over this market. Startups like Homebase seek other means and this is where Check comes in. This has been stated by the company’s CEO and Co-founder, Andrew Brown.
Ensuring timely and correct payment to employees has become all the more important in the current world economic scenario, Stripe and Check collaborating with each other has been a blessing for Check. Due to the global pandemic, a large number of a shift towards remote work has been observed, along with employees choosing different career options. It thus becomes essential to maintain a proper payroll system to boost the confidence of the employees in the company. Though digitization of payroll has touched many businesses, there are still small businesses that follow the traditional pen-and-paper-driven method. Check is such a platform that will provide competition for the traditional one as per its leadership.
According to Brown, the new capital raised by Check will be used to increase its headcount, while expanding rapidly and acquiring a bigger share of the market.