Mercato Partners and Greylock co-led Atomic’s latest round, which the company described as ‘preemptive’, meaning that it was not technically seeking to raise but rather was approached by investors. It has now raised just under USD 80 million in total equity.
The Salt Lake City, Utah-based company’s API-delivered product, which focuses on payroll data, powers 70 banks, credit unions, and fintech companies such as Coinbase, Dave, and Propel. Atomic said it now serves more than 120 million Americans, or more than 60% of the country.
The startup’s APIs provide the infrastructure to connect consumers to their financial data for verification of income and employment, automating setup and updating of direct deposits, repaying financial obligations from their paycheck, optimising tax withholdings, and accessing earned but unpaid wages. Its technology allows people to access their payroll data with passwordless authentication, the company said.
While it declined to reveal hard revenue figures, the company says its revenue grew 19.5x in 2021, up twentyfold from the fourth quarter of 2020, roughly when its first solution started generating revenue. December 2021 saw monthly revenue increase 342% compared to December 2020, roughly when Atomic’s first cohort of customers went live.
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