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Symmetrical.ai closes €5.6M ($6.3M) Seed funding to bring ethical finance to employees in Europe
June 30, 2020
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Financial well being represents one of the most challenging problems facing society today. Symmetrical.ai is addressing this problem at its core, providing ethical financial products in partnership with employers to enable employees to better manage their financial and health outcomes. "We are excited to find partners who will accompany us on this journey to build new, employer-based trust layers for financial markets and have raised €5.6m from them" - claims Daniel Wartołowski, COO and Co-Founder of the company.
Symmetrical.ai has developed an all-in-one platform which helps employers reduce financial stress for their employees. It is an automated financial coach that connects tools such as: salary-on-demand (free access to earned salaries between paydays), zero interest employee loans and an automated financial advisor, helping users make the right financial decisions. Employees can access the platform through a mobile app which is swiftly connected with the employer's IT systems.
Symmetrical.ai technology leverages the data which already exists within the Employer’s IT systems (payroll, time & attendance, etc.) to radically improve accessibility and offer fairly priced financial products. As a result, lower income workers might save billions of EUR a year in unnecessary fees and interests. Employer’s data can also be merged with employees’ personal data to provide them with timely, unbiased and free financial advice. “We work as a financial marketplace financed by the employers to eliminate conflicts of interests connected with financial advisory practice and ensure that the data transparency we offer benefits employees as opposed to being used against them” - claims Piotr Smolen, CEO and Co-Founder of Symmetrical.ai.
”Our solution is designed to serve mid-to-large organisations in Europe. Currently they can choose between a couple of specialised providers of cash advances and/or employee credit products which only deliver tools and neither solve real problems of employees, nor of HR Departments. We are convinced that we can actually help not only to improve financial flow, but most importantly to provide valuable and practical financial knowledge” - adds Smolen.
“Our mission is to let people regain control over their finances. We want our users to make the right financial decisions and have access to fair financial products” - adds Wartolowski.
The Seed round funding is in the form of equity and debt. On the equity side, it is led by Global Founders Capital - an investor with extensive experience in FinTech, and Partech - the global VC fund with almost 40 years of experience with participation from the existing investors: Finch Capital, Market One Capital and Plug&Play. This is the biggest funding received by symmetrical.ai to date. In the previous pre-Seed round in May 2019, investors invested €1.35M to further develop the solution.
"We believe Symmetrical.ai has the ability to change the lives of millions of employees who are mispriced and give them the tools to become mentally and financially better off. The company has already disbursed more than 15,000 on demand salaries and is available to nearly 70,000 employees, all within just 9 months after the product was launched. These figures speak for themselves” - says Aman Ghei, Principal at Finch Capital
Symmetrical.ai is a Polish-British fintech. The company's mission is to help employees regain control over their personal finances. Symmetrical.ai allows employers to offer the "salary on demand" service and other financial benefits for employees. The solution has been repeatedly awarded by experts and has won many awards, such as ABSL Startup Challenge or The Heart HR Tech Demo Day. So far, 15,000 advanced payments have been made thanks to the system. Symmetrical Financials is an entity regulated by the Polish Financial Supervision Authority. https://symmetrical.ai/
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About Global Founders Capital
Founders drive incredible opportunity in the world, and we are their greatest advocates. That’s because our team has built multi-billion dollar technology businesses from scratch and has thrived through all the twists and turns of entrepreneurship along with it. Over the past two decades, we have backed over five hundred entrepreneurs worldwide. Facebook, LinkedIn, Slack, Eventbrite, Canva, Away Travel, HomeAway, Zalando, Revolut, Funding Circle, Lazada, Traveloka, Trivago, Jumia, HelloFresh, and Delivery Hero represent a few of our global successes. Global Founders Capital invests out of seventeen offices worldwide. https://www.globalfounderscapital.com
With a portfolio of almost 180 companies spread across 30 countries in Europe, the US, Africa, and Asia, Partech has been one of the leading international investors helping visionary founders for almost 40 years. The Partech team – made up of both former entrepreneurs and executives from 15 different countries – brings capital, experience, strategic support, and networks to entrepreneurs at every stage of development: seed, venture, and growth. With over €1.5B under management, Partech invests from €200K to €50M in B2B and B2C technologies reshaping industries. Companies backed by Partech have completed more than 21 IPOs and more than 50 strategic M&A transactions valued over $100M. See Partech's current portfolio.
About Finch Capital
Finch Capital is a thematic investor in European and South East Asian Financial Technology, AI and IoT companies. Since 2014, we have backed over 45 companies across these verticals including Zopa, Goodlord, Grab, Trussle, Twisto, TaxScouts amongst others. Finch invests between €500k and €5m into backing teams that build future category champions. We are a team of 12 investors with a wide entrepreneurial (e.g. Adyen, Deepmind and Arista), Investing (e.g.Accel, Atomico, Khazannah) and Industry backgrounds (e.g.Facebook, Google,and McKinsey) with offices in Amsterdam, London and Jakarta.
About Market One Capital
Market One Capital is an early stage VC fund investing in marketplaces and network effects platforms across Europe. MOC team consists of ex-entrepreneurs and experienced investors, who founded 4 marketplaces themselves and have a combined experience of investing into more than 40 of them, including Tier Mobility, Docplanner, Brainly and Packhelp. Thanks to the experience of the team and their close and vast network of 200+ individuals, MOC portfolio companies can expect founders oriented approach, close cooperation and valuable support.