|L to R- Daniel Wartołowski and Piotr Smolen
UK, July 1, 2020- Fintech startup Symmetrical.ai has raised €5.6 million of seed
funding to help employees gain more control over their finances. According to
reports, the round is a combination of equity and debt. The equity side is led
by Global Founders Capital and Partech, with participation from existing
investors Finch Capital, Market One Capital and Plug and Play.
With the partnership of employers, the fintech platform (and mobile app)
offers employees three main tools: salary-on-demand (free access to earned
salaries between paydays), zero interest employee loans and an automated
financial advisor. According Daniel Wartolowski, co-founder of Symmetrical.ai, “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
Piotr Smolen, co-founder and CEO of Symmetrical.ai says the solution is
designed to serve mid-to-large organisations in Europe, giving them a new path
to support their employees’ financial health. “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,” he says.
Founded in 2019, Symmetrical raised a pre-seed round of €1.35 million to
kick things 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.