Tartan, a payroll & workforce management startup announced on Monday that it has secured $4.5 million in funding from InfoEdge Ventures, and 500 Global (formerly 500 Startups), as well as Naval Ravikant-backed Quant Fund.
Additional investors include WorldQuant Ventures, Varanium GenNext Fund, 9 Unicorns, Yatra Angel Network, Emphasis Ventures (EMVC), and Naveen Kukreja who is the co-founder of Paisabazaar.
The company said in a statement on Monday that it will use the money to expand its internal engineering team, scale up its go-to-market operations, and improve its product line. Additionally, it intends to increase its staff size to 110 people.
With this transaction, the company has now secured almost $6 million in equity funding altogether.
Tartan offers financial institutions a white-labeled application programming interface (API) suite that allows them to access their customers’ payroll data with their permission in order to confirm their income and employment status.
Recently, it introduced a marketplace for employee benefits called Batik where companies and HR management software suppliers could offer financial perks like earned wage access (EWA), salary-linked loans, credit card limit monitoring, and emergency money.
According to the company, more than 20 million white-collar workers and gig workers already have access to Tartan’s data connectivity. Through its platform, it claimed that since its launch, API queries have increased to 150,000 monthly.
“The power of income and employment data is unlocked by Tartan’s API, sparking the next wave of innovation in the fintech sector. Every person who receives a paycheck or employment fee is a target audience for Tartan. Tartan is in a particularly strong position because of this enormous possibility and the company’s goal of developing a bigger data and distribution platform”, according to Christine Tsai, CEO and Founding Partner at 500 Global.
Tartan works with more than 80 clients and partners, including banks, fintech lending platforms, credit bureaus, insurance companies, and staffing firms.