Stripe is continuing its fintech investment spree, following on the heels of its recent investment in startup Fast, with more startups announcing funding from the payments platform in the past week.
Payroll infrastructure provider Check launched publicly last week, announcing a Series B funding round of $35 million from Stripe and Thrive Capital.
Check was founded in 2019 to simplify wage payments, according to a press release. While technology advancements over the past decade have made it easier to pay businesses, that same progress has not yet reached payroll systems, the company said.
And even though more and more vertical software providers are consolidating critical business functions – including payments – into their platforms, payroll largely continues to stand alone, it said. The Check technology allows platform providers to more easily embed payroll directly into their systems.
“Check has developed an elegant solution that abstracts complexity, reduces risk, and removes friction in the payroll process that every company has to navigate,” Chris Sperandio, corporate development for Stripe, said in the release. “The Check team is uniquely suited to continue innovating in this domain and make paying people simple.”
Balance is an additional startup looking to expand the improvements in payments systems to another area that has some catching up to do – B2B payments. The company announced its own launch this week with seed funding of $5.5 million from Stripe as well as Lightspeed and SciFi, according to TechCrunch.
Balance allows companies to offer payment methods including credit cards, ACH and bank wires, through a variety of terms that include payment on delivery, net payment terms and payment by milestone, the article said.
Balance co-founder Bar Geron told TechCrunch that the team wants to make the process of incorporating B2B payments easier. “What we wanted to do is to make it as easy as Stripe … take a snippet of code and just put it on your site,” he said.