Zeal, a modern payroll platform, recently secured $15 million in Series B funding led by Portage on October 10. This investment round also included existing backers like Spark Capital and Commerce Ventures. The company’s mission is to empower the evolving workforce by providing innovative payroll solutions for modern workers.
In today’s post-pandemic market, workers are increasingly seeking flexibility in their employment arrangements and prioritizing a work-life balance. Zeal aims to cater to these changing needs by offering features that traditional payroll services lack, such as remote I-9 verification, custom paperwork, benefits administration, white-label mobile apps, paycards, digital wallets, and earned wage access.
CEO and co-founder Kirti Shenoy emphasized the importance of adapting to the evolving work landscape, stating that traditional work arrangements no longer suffice in meeting the needs of today’s workforce. With the new funding secured, Zeal plans to continue innovating its platform to help businesses streamline operations, offer new services, and enhance worker experiences.
Zeal, formerly known as Puzzl, was founded in 2018 as a payment processing startup for the gig economy. Recognizing the need for a specialized payroll processor to handle high volumes automatically, the founders pivoted to develop a payroll API for custom payroll products. Co-founder and CTO Pranab Krishnan, a computer science graduate from the University of Pennsylvania, brings valuable expertise to the team with previous experience at MITRE and NIDDK.
The company’s underlying data model and tax engine cover every jurisdiction in the United States, setting Zeal apart from its competitors in the payroll market. With a vision to impact every American paycheck, Zeal is committed to ensuring accurate and efficient payment processing for employees across the nation.
In an interview with TechCrunch, Krishnan expressed the company’s mission to revolutionize payroll technology and deliver superior payment solutions to American workers. Shenoy, who shares a background with Krishnan from UPenn and the Wharton School, has been actively involved in the American Payroll Association since 2020, further solidifying Zeal’s commitment to the payroll industry.
As Zeal continues to grow and expand its services, the recent funding round marks a significant milestone for the company’s journey towards reshaping the payroll landscape for modern workers. With a dedicated team and a clear vision for the future, Zeal is well-positioned to make a lasting impact on the payroll industry and the workforce at large.
