Symmetrical.ai closes €5.6 million seed funding to offer ethical finance to Europe employees
Symmetrical, a company that partners with employers to give their employees financial freedom and peace of mind, through the way in which it makes their financial decisions independent of banks' control, has announced that it has closed a €5.6 million.
The round was led by Global Founders Capital and Partech, with participation from existing investors Finch Capital, Market One Capital and Plug&Play. The funds will be used to further develop Symmetrical's solution to continue to grant employees peace of mind when it comes to their salary.
Piotr Smolen, CEO and Co-Founder, Symmetrical.ai: “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. 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.”
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.
Aman Ghei, Principal, Finch Capital: "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.”
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