As the leading payroll provider for small and medium businesses (SMBs), Intuit knows how valuable payroll data is. But the payroll ecosystem is fragmented among nearly 6,000 payroll providers of which the top 10 only cover 55% of the market.
Since most payroll providers use legacy software that doesn’t easily share data, companies—like 401k and benefit providers—needing this payroll data must rely on either custom integrations with, or manual data transfers from, each payroll provider.
But Intuit Ventures recognized that Finch was headed toward solving these problems. Finch has developed a universal API allowing companies to connect via a single integration with more than 200 employment and payroll systems.
“We’re excited to be part of the Finch journey and look forward to collaborating with them as they build deeper integrations with the Intuit QuickBooks platform.” — Adam Coccari, Managing Director, Intuit Ventures
Finch already is in use by Carta, Mainstreet, Mosaic and Lane Health, where it is streamlining benefits administration, improving employee on-boarding, detecting tax credits automatically and managing compliance.
Finch will use the Intuit Ventures' investment to enhance its API capabilities and build additional products based on its data platform.
By investing in Finch, Intuit Ventures is helping to enable an ecosystem of software partners and benefits providers serving the needs of Intuit QuickBooks customers.
For more details, see the Intuit Blog post, "Intuit Ventures: Announcing our Investment in Finch" of June 7, 2023, written by Adam Coccari1.
Disclosures:
Feature content, including graphic materials were adapted and summarized from the Intuit Blog post, "Intuit Ventures: Announcing our Investment in Finch" of June 7, 2023, written by Adam Coccari. Content summarized or otherwise adapted from Intuit source content by Insightful Accountant is furnished for educational purposes only.
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Footnotes:
1 - Adam Coccari is the Managing Director of Intuit Ventures, Intuit’s Venture Capital team responsible for overseeing Intuit’s investment in startups around the world. Prior to Intuit, Adam spent 8 years at Microsoft where he was most recently a Partner at M12 – Microsoft’s Venture Fund.
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