FinTech News
AllWork Raises $4.9 Million From FINTOP Capital
A FinTech focused on freelancer payroll has closed a significant early-round investment. This week, AllWork announced that it had raised a $4.8 million round. The Series A was led by Nashville-based FINTOP Capital with no other participants. As a result of the transaction, FINTOP’s Chris Haley and Rick Holton will join AllWork’s board of directors. Previously, AllWork closed a $3.8 million seed round in 2019, bringing their to-date funding total to $8.7 million. With these latest funds, the company plans to expand both its software and its team.
AllWork is a platform that aims to help businesses with freelancers or contractors simplify their payroll needs. Specifically, the startup’s software offers an integrated and easy-to-use solution for both payments and compliance. According to the company, businesses can implement the service in as little as two weeks. Among the services also included in the platform are scheduling and attendance features, reporting and analytics, budgeting and planning tools, and more.
As AllWork notes, the United States workforce has steadily been shifting toward freelancing and contractor models, with the pandemic seemingly accelerating the trend. In fact, studies suggest that as much as half of the workforce could be represented by those in flexible work arrangements by 2030. At the same time, with the number of these types of workers rising, local and federal regulators have emphasized compliance as it relates to tax forms, classifications, etc.
Commenting on the mission of AllWork, the company’s CEO Glenn Laumeister said in a statement, “At AllWork, we believe that there is a huge opportunity to rethink how companies and freelancers work together. We have designed a platform purpose-built for onboarding, management, compliance, and integrated payments so companies and freelancers can manage their relationship all in one place.”
FINTOP partner and new AllWork board member Chris Haley said of the company’s efforts, “We are seeing a major shift towards the use of freelancers in every type of job category, pay type, and skill level, and this macro trend fits perfectly with AllWork’s product that helps companies manage and pay any type of freelancer that they need.” Haley continued, “We were impressed by the vision of the AllWork team and how their solution solves this increasingly painful problem for medium-sized and enterprise customers.”
There are several interesting aspects of AllWork’s Series A — starting with the fact that it was fully funded by a single firm. Additionally, it comes more than three years after the company’s seed round. That said, the massive changes that have occurred in that relatively short amount of time does emphasize why services such as AllWork are growing increasingly necessary. In turn, the startup seems well positioned for further growth now fueled by this added investment.
