Stripe has continued its investment splurge, joining a $35 million funding round in payroll infrastructure startup Check.
Srtipe joins existing investor Thrive in the Series B round for Check, which formally opens for business today. Stripe's involvement comes just days after it co-led a $102 million financing round for San Francisco-based one-click payments startup Fast. Other investments by Stripe this year include teen banking platform Step and Filipino startup Paymongo.
Check was founded in 2019 by the team that built Oyster, the 'Netflix for books', which was acquired by Google in 2015. With the close of its $35 million Series B, Check has raised $44 million to date. Last year it sealed an $8 million Series A led by Bedrock with participation from Thrive and Index, and in 2019 raised $1 million in seed financing from Bedrock.
Check offers companies the building blocks to embed payroll directly into ERP systems, HR, or time-tracking platforms, removing the need to institute manual data workarounds in typical standalone systems.
"Check has developed an elegant solution that abstracts complexity, reduces risk, and removes friction in the payroll process that every company has to navigate," says Chris Sperandio, corporate development with Stripe. "The Check team is uniquely suited to continue innovating in this domain and make paying people simple."