Atomic aims to give consumers more control over their income with payroll-connecting APIs – TechCrunch


Fintech startup Atomic introduced this morning that it has closed a $22 million Series A. Core Innovation Capital led the spherical, which noticed participation from previous buyers. The firm has raised slightly below $39 million to date.

The firm’s API-delivered product, which focuses on payroll knowledge, helps energy a variety of fintech startups that we observe — Dave and Bond, amongst others — making it an fascinating firm to dig into.

Atomic’s APIs permit consumers to join their income to completely different providers, serving to them arrange direct deposit at a neobank, for instance. Other use circumstances embody income and employment verification that’s easier for staff.

The firm’s head of markets, Lindsay Davis, instructed W3Techy in an interview that her firm desires to “unlock the power of the paycheck.”

Notably, the corporate doesn’t presently compete with Plaid, maybe the best-known supplier of monetary APIs, in accordance to Davis.

Plaid’s merchandise are used for linking shopper banking accounts to monetary providers and merchandise. In distinction, Atomic focuses on income streams, permitting them to be partially or utterly diverted to new monetary buckets, or just made observable to different events with person permission for verification functions.

Atomic expenses company prospects for income and employment verification providers on a utilization foundation, and for its direct deposit product in a more SaaS-like method. Davis added that some prospects bundle the 2 providers collectively, underscoring that Atomic’s enterprise mannequin is a mix of each on-demand and subscription pricing.

Thinking broadly, a cohort of fintech startups are constructing enterprise merchandise that will present consumers with more control over their cash. Businesses are keen to pay for their providers as they’ll reduce friction to carry new funds onto their personal platforms. That neobanks and different monetary providers that compete with conventional banking corporations are paying up to assist end-users make supplier decisions is just not a shock. The results of that work is fintech making — to a level — the monetary world a bit more amenable to shopper control.


W3Techy requested the corporate why it determined to elevate its Series A now — a query that we’ve added to our common arsenal thanks to elevated spherical pre-emption by buyers; gone are the times when startups have been anticipated to attain a sure income threshold to elevate one spherical kind or one other.

Davis stated that, in her view, corporations are prepared to elevate a Series A once they have each have a product in market and buyer traction, so it made sense for Atomic to elevate this specific spherical now.

She added that her firm was supplied more capital final 12 months, however that it wasn’t prepared to tackle the funds. But with market demand demonstrated for Atomic’s direct deposit product, she defined, and some preemptive time period sheets, the startup determined that now was the precise time.

Atomic has round 55 staffers at present, a determine that it’s trying to quickly increase. The firm has 20 open roles, Davis famous.

The firm has numerous white house round its present enterprise to increase into. With income verification, W3Techy will probably be curious to see whether or not Atomic ultimately digs into the credit score scoring market. Credit scores within the United States are a mess, to be well mannered. And we’re in search of the startup that can tackle the standard companies in command of deciding how worthy you’re of loans and different monetary merchandise.

Let’s see if that winds up being Atomic.