- Thera, a payroll and payments startup founded in 2022, has raised $4 million in seed funding from notable investors including Y Combinator and angel investors.
- Thera offers an all-in-one solution combining payroll, treasury, and accounts payable/receivable services.
- The company claims to be significantly cheaper than competitors like Deel and Stripe, while offering faster processing times with 95% of payrolls arriving the same day.
Payroll and payments startup launched in 2022, Thera has recently announced that it has secured $4 million in seed funding from Y Combinator, 10x Founders, Amino Capital, Zillionize, and Bayhouse Capital, along with angel investors Oliver Jung, Chris Bakke, Andrew Yeung, Akash Magoon, and Bobby Matson.
I'm excited to announce Thera's oversubscribed $4M seed round with participation from @ycombinator, @amino_capital, @zillionize, @10xFounders, and House Capital. Notable angels in the round include Oliver Jung, @ChrisJBakke , @andruyeung , @akashmagoon, @bomatson, and many more.… pic.twitter.com/wPZfCBTm2D
— Akhil Reddy (@akhilred_) August 22, 2024
According to the company, the funding will be instrumental in accelerating Thera’s growth. The company plans to use the funds to further develop its platform and expand its team in New York City, where it is currently headquartered.
As Thera continues to grow, the company remains focused on its mission to streamline financial operations for businesses around the world. With the new funding, Thera is well-positioned to enhance its platform, expand its team, and solidify its position as a leading player in the B2B payments space.
Akhil Reddy, founder and CEO of Thera, has extensive experience in creating digital payment systems, having previously developed platforms for Amazon Prime. Drawing from that background, Thera's new system is a comprehensive, all-in-one solution that combines payroll, treasury, and accounts payable/receivable (AP/AR) services into a single suite of apps.
Thera, today, provides comprehensive services including US payroll for all 50 states, contractor management in over 150 countries, and Employer-of-Record services worldwide. It supports payments in five different methods and offers Thera AP/AR for global invoicing, as well as Bill Pay for managing payables in one place.
Furthermore, the company claims it's 80% cheaper than Deel AP/AR for global payroll and 90% less expensive than Stripe Invoicing. Thera also boasts faster processing, with 95% of payrolls arriving the same day, compared to 2-10 days with other companies. These efficiencies allow Thera to offer contractors up to 3% more than competitors.
Edited by Harshajit Sarmah
