SalaryFits, financial institutions to integrate their systems with payroll information, has raised $5 million from Brazilian VC fund Confrapar. The company was founded in 2015 by Renato Araujo.
Earlier, it had raised seed capital worth $1.3 million, across two rounds, from Portugal 2020 and Level39.
The startup will utilize these funds to expand its operations in India.
In a media statement, Guilherma Mota, Head of Operations at SalaryFits, said “SalaryFits brings a successful model that promotes financial inclusion and fairer access to financial products. Financial benefits and empowerment of employees’ through financial wellbeing solutions are still at very nascent stages in India, and we are happy to bring forward our thought leadership in the country. We recently entered into a strategic partnership with a leading HRtech player, to bring our technology and concept to over one million employees.”
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