Zeal, a modern payroll platform designed for powering the workforce, announced the closing of a $15 million Series B funding round. This latest funding round, which Portage led with continued support from existing investors Spark Capital and Commerce Ventures, marks a major milestone in Zeal’s mission to redefine payroll for innovative staffing companies, gig-work platforms, and HR service providers, including industry leaders like Wonolo, Qwick, Lawtrades, Band of Hands, and WorkGenius.
As workforces evolve and the demand for flexibility and automation grows, traditional payroll systems are falling short. And Zeal is stepping up to fill this gap, providing a payroll platform automated and flexible to handle the complexities of modern work and native to meet the needs of modern workers. And with this new funding round, Zeal is doubling down on its commitment to innovate and provide cutting-edge payroll solutions that meet the unique needs of today’s dynamic labor market.
Staffing companies, gig platforms, and HR service providers are increasing to meet these demands, but they require modern tools to manage payroll efficiently. And Zeal’s platform is built to accommodate these new working models, ensuring seamless payroll processes regardless of the complexity of work arrangements.
With the new funding round, Zeal introduced several product innovations that will further enhance its platform’s capabilities:
1.) Remote I-9 with E-Verify: A mobile, custom-branded solution for effortless employment verification.
2.) Custom paperwork: Streamlined employee onboarding with customizable document workflows.
3.) Benefits administration: Simplified benefits management to improve worker retention and compliance.
4.) White-label mobile app: A customizable mobile app for workers to access pay and information anytime, anywhere.
5.) Paycards and digital wallets: Offer an Uber Money like experience in the white-label app, combining payroll information with a paycard and digital wallet. Unlock revenue from wage payments with every card swipe and dollar saved.
6.) Earned wage access: Create better worker experiences with accurately calculated daily pay and fast access to funds.
Zeal’s platform stands out in the market by providing increased flexibility, enabling companies to customize every aspect of their payroll process. And automation is at the heart of Zeal’s solution, enabling businesses to put payroll on autopilot, reducing operational costs, and ensuring compliance across all jurisdictions. Plus, Zeal’s mobile-native approach ensures that workers can access their pay information in a seamless, modern experience, reflecting the expectations of today’s digital-native workforce.
Zeal is now especially positioned to be the go-to solution for payroll innovation. And the company’s commitment to flexibility, automation, and native technology ensures that it will continue to lead the way in transforming how businesses manage payroll in an increasingly dynamic work environment.
KEY QUOTES:
“Zeal’s mission is to empower companies to meet the needs of modern workers by automating payroll and enhancing worker experiences. We are seeing incredible interest in our modern payroll platform and new products. With this new funding, we’ll continue innovating to help businesses streamline operations, offer new services, and launch best-in-class worker experiences quickly.”
-Zeal CEO and Co-Founder Kirti Shenoy
“As businesses continue to adopt a broader range of technologies to manage their workforces, it’s crucial that payroll functions are not left behind. Zeal addresses the inefficiencies of existing payroll solutions that still rely on manual processes, particularly in the context of a growing workforce of gig and freelance workers. We believe Zeal is uniquely positioned to drive this necessary integration and innovation in the payroll space”
-Ricky Lai, Partner at Portage
