Payroll management startup, Tartan, has secured funding of $4.5 million. The money will be used to expand the company’s in-house engineering team as well as go-to-market operations, and improve its product offerings.
Tartan, a payroll and workforce management business, announced $4.5 million in fundraising on Monday from 500 Global (formerly 500Startups), InfoEdgeVentures, and Naval Ravikant-backed Quant Fund.
WorldQuant Ventures, Varanium GenNext Fund, 9Unicorns, Yatra Angel Network, Emphasis Ventures (EMVC), and Paisabazaar cofounder Naveen Kukreja were among the other investors.
According to a statement issued on Monday, the cash will be used to extend its go-to-market operations, increase its in-house technical staff, and enhance its product offerings. It also intends to increase its workforce to 110 people.
The total equity capital raised by the business with this fundraising is around $6 million.
Tartan, founded in June 2021, offers a white-labeled application programming interface (API) suite that allows financial institutions to access their consumers’ payroll data with their consent in order to verify income and employment status.
It recently launched Batik, a marketplace for employers and HR management software providers to offer financial benefits such as earned wage access (EWA), salary-linked loans, credit card limit management, and emergency funds.
Pramey Jain, Tartan’s CEO and cofounder, added, “With this second round closely following our initial investment, we’re more focused on our social purpose-driven aim to provide access to financial services and products for millions of workers.”
Tartan claims to have expanded its data connectivity coverage to more than 20 million white-collar employees and gig workers in India since its inception.
According to the company, API queries through its platform have increased to 150,000 per month since its launch.
Christine Tsai, CEO and Founding Partner at 500 Global, stated, “Tartan’s API unleashes the potential of income and employment data, ushering in the next wave of innovation in the fintech sector. Tartan intends to have an influence on everyone who earns a pay or job charge. Tartan is uniquely positioned with such a massive potential, along with the company’s ambition to establish a broader data and distribution platform.”
Banks, fintech lending platforms, credit bureaus, insurance companies, and recruiting agencies are among the company’s more than 80 customers and partners.