Pento

Pento is a Danish cloud-based payroll provider that aims to replace payroll outsourcing and help businesses handle reporting, tax calculations, and payments in-house. The platform allows businesses to calculate in real time and manage salary payments, PAYE tax, and insurance contributions, further, it plugs into relevant revenue and customs authorities for reporting purposes. It integrates with third-party HR tools such as BambooHR and Hibob while integrations with Personio, Humaans, and others are in the product roadmap. In addition, the platform provides payroll support services to its customers, while its open payroll API is in private beta to existing customers. 

As of May 2021, the platform serves 700 companies with offices in London and Denmark. Its customers include tech firms Pleo and Cuvva, hospitality brands such as Honest Burgers, and retail and e-commerce brands such as Lacoste and Beauty Pie. Over the 12 months to December 2021, Pento’s revenue has grown 10 times, and its team has grown from 20 to 70 employees.

In its most recent funding round in December 2021, Pento raised USD 35 million in a Series B funding round led by Tiger Global Management and Avid Ventures. The company’s valuation remained undisclosed; however, Pento expressed that the current valuation is a “meaningful step up” from the valuation at the time of the company’s USD 15.6 million Series A funding round in May 2021. The fresh funds were raised to expand into new European markets as well as to invest in product development, service expansion, partner integrations, and headcount expansion.