Earny closes seed round for its automated payroll solution

The capital injection of close to CHF 1 million from Polytech Ventures, ACE & Company, and Fusion Partners will enable Earny to accelerate the public beta launch of its platform in Q4 2021.

Today, accountants, SMEs and employees are still exchanging emails and excel files containing sensitive payroll data, which is then re-typed into a payroll software. This approach is unsecure and time-consuming for everyone involved in the payroll process.

Founded in May 2021 and based in Lausanne (canton of Vaud), Earny allows for entering data securely into a central platform that is automatically included in a company’s payroll. In addition to automating the payroll process every 25th of the month, the platform offers company & employee onboarding features, tracking of payroll changes such as hours and vacations, and an accountant dashboard to manage all clients.

Investors including Polytech Ventures, ACE & Company and Fusion Partners are supporting Earny in accelerating its plans with close to CHF 1 million raised as part of a seed funding round.

Over 600,000 SMEs could benefit from Earny

The platform has already secured a Swissdec certification, which usually takes two years to acquire, to ensure Earny can calculate payroll accurately in all employee scenarios.

To exhibit the potential of Earny’s business model and the addressable market, Guillaume Dubray, CEO of Polytech Ventures, says: “We were inspired by a U.S payroll start-up called Gusto who secured USD 175 million in August 2021 for a USD 10 Billion valuation claiming 200,000 SME customers. In Switzerland, we have close to 600,000 SMEs with three million employees. In addition, there are 45,000 newly created SMEs each year, and today alone, there are 137 newly created SMEs.”