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Payroll and recruitment hub Employment Hero raises A$263m to build fintech super app

Indi Tatla

October 27, 2023

The article on Finextra announces Employment Hero’s latest funding round, where the payroll and recruitment hub successfully raised AUD 263 million, led by the global fund TCV. This substantial investment brings the total funding raised by the company to over AUD 650 million, placing its valuation just shy of AUD 2 billion. Employment Hero currently serves over 300,000 businesses and 2 million employees with its products.

This Series F funding round follows the Series E round in 2022 and is set to fuel global expansion and further investment in employment solutions for SMEs. The immediate focus is on building AI capabilities to transform Employment Hero into a fully autonomous solution for SMEs worldwide, aiming to manage employment effortlessly.

Employment Hero is transitioning from an HR and Payroll software platform to a hands-free HR solution, managing end-to-end employment completely. This transformation will enable businesses to recruit, onboard, pay, and develop talent autonomously. The company is now well-positioned to become the world’s largest employment management platform, aiming to change the employer-employee relationship fundamentally.

A significant part of this transformation is the upgrade to their employment superapp, Swag, which empowers employees to manage work-related tasks, access career advice, and enjoy various perks and benefits. Swag also serves as a community movement, using the collective buying power of its 1.4 million+ user community to negotiate deals, potentially saving thousands annually on everyday essentials.

On the employer side, Employment Hero introduces SmartMatch, an AI recruitment solution that matches businesses with the best candidates based on skills, experience, and location. The new funding will expedite the global rollout of SmartMatch, bringing AI-powered recruiting to SMEs worldwide.

The founders of Employment Hero, Ben Thompson and Dave Tong, view this fundraising as a testament to the company’s strong growth trajectory and vision to reimagine employment globally. They have ambitious plans for the future, aiming to become a $50 billion plus business and launching the Hero Foundation, a not-for-profit organisation striving to facilitate employment for 1 million people from underprivileged communities over the next decade.

Read the original article here.

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Growth, go to markets and tech, over 16 years in a startup or scale up tech company.

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Payroll and recruitment hub Employment Hero raises A$263m to build fintech super app

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