Zeal raises $15m in Series B funding to automate payroll systems

By Gloria Mathias

Zeal, the modern payroll platform designed to power the workforce, has announced the close of a $15 million Series B funding round. This latest investment was led by Portage, with continued support from existing investors Spark Capital and Commerce Ventures.

As workforces evolve and the demand for flexibility and automation grows, traditional payroll systems are falling short. Zeal is stepping up to fill this gap, offering a payroll platform that is automated and flexible to handle the complexities of modern work and natively to meet the needs of modern workers. With this new funding, Zeal is doubling down on its commitment to innovate and provide payroll solutions that meet the unique needs of today’s dynamic labour market.

The current workforce has an increasing preference for flexible work arrangements. Staffing companies, gig platforms, and HR service providers are rising to meet these demands, but they require modern tools to manage payroll efficiently. Zeal’s platform is built to accommodate these new working models, ensuring seamless payroll processes regardless of the complexity of work arrangements.

“Zeal’s mission is to empower companies to meet the needs of modern workers by automating payroll and enhancing worker experiences,” said CEO and Co-Founder Kirti Shenoy. “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’s platform stands out in the market by offering increased flexibility, allowing companies to customise every aspect of their payroll process. Furthermore, 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.

“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,” said Ricky Lai, Partner at Portage.