Thera, a groundbreaking payroll and payments platform, has successfully secured $4 million in a seed funding round. This investment is set to enhance the platform’s capabilities, offering ease and efficiency to businesses managing payrolls globally.
The substantial $4 million seed funding was acquired through participation from key investors including Y Combinator, 10x Founders, Amino Capital, Zillionize, and Bayhouse Capital. Acclaimed angels Oliver Jung, Chris Bakke, Andrew Yeung, Akash Magoon, and Bobby Matson notably contributed to this round. These funds are earmarked for accelerating Thera’s growth, focusing on enhancing its platform and expanding its New York-based team.
Nicolas Dessaigne from Y Combinator expressed the significance of this development, pointing out, “SMBs today are increasingly demanding bundled solutions.” Thera offers a comprehensive suite that consolidates various financial operations—truly simplifying payroll, payments, and compliance management from one unified platform.
Managing payments for global teams presents numerous challenges, including complexity, opacity, and high costs. Thera is at the forefront of the movement towards a bundled fintech era. It replaces multiple financial tools, providing businesses with a seamless experience alongside the most competitive rates in the market.
Thera’s offering includes a dynamic ecosystem of applications encompassing payroll, treasury, and accounts payable/receivable. This robust suite allows companies to manage their financial operations with unprecedented efficiency and clarity.
Founded in 2022 by ex-Amazon engineer Akhil Reddy, Thera is built on a foundation of extensive technical and operational expertise.
Reddy leveraged his experience from architecting systems for Amazon Prime to develop Thera’s comprehensive platform. This platform supports hundreds of businesses, with thousands of workers depending on its solutions for managing payroll every month.
Thera makes it easy for businesses to expand globally, enabling them to automate HR tasks such as onboarding, contracts, invoicing, and compliance. This streamlines operations and frees up valuable resources.
Thera manages tens of millions of dollars in payroll annually, providing services to thousands of workers around the world. Its client portfolio includes rapidly growing companies such as Oceans, Landed, 1840 & Company, and Zendrop.
Founder Akhil Reddy emphasized the persistent challenges within the payments sector, saying, “Payments continue to be a massive challenge for many companies today.” Through its unique model and customer-focused strategies, Thera delivers a streamlined experience, enhancing financial operations and boosting clients’ financial performance.
Thera is committed to delivering highly competitive rates and transparency across its operations, addressing a crucial gap in the industry.
What Wise achieved in the remittance space, Thera aims to accomplish in the B2B payments space,” Reddy confidently states.
By prioritising a customer-centric approach, Thera not only simplifies financial management but also seeks to redefine industry standards.
With the new funding, Thera is strategically positioned to scale its solutions and meet the growing demands of its global clientele.
The company’s expansion plans include developing its technology and broadening its team to support its international growth.
Thera’s ambitious journey exemplifies innovation and strategic growth. With substantial funding and a strong vision, Thera is poised to transform payroll and financial operations for businesses worldwide.
