Thera, a payroll and payments platform, has landed $4 million in a seed round from Y Combinator (which backed Yoneda Labs and Anima), 10x Founders, Amino Capital, Zillionize, and Bayhouse Capital. Notable angels in the round include Oliver Jung, Chris Bakke, Andrew Yeung, Akash Magoon, and Bobby Matson.
The company will use the funds to accelerate its growth by further developing its platform and expanding its team in New York City.
“SMBs today are increasingly demanding bundled solutions,” said Nicolas Dessaigne, Group Partner. Y Combinator. “Thera replaces multiple financial tools, allowing businesses to manage their finances, payroll, payments, and compliance from one simple platform.”
What change does it bring?
Managing payments for a global team is complex, opaque, and expensive. Fintech is entering a bundling era, and Thera is leading the charge. It replaces multiple financial tools, providing businesses with a seamless experience and the best rates available in the market. Its platform includes an ecosystem of apps including payroll, treasury, and AP/AR.
What does the company do?
Thera was founded in 2022 by Akhil Reddy, a former Amazon engineer who architected several systems powering Amazon Prime. It is an ecosystem of apps built for global teams: payroll, treasury, AP/AR. With Thera, companies can manage all their financial operations from one platform at the best rates on the market. It powers hundreds of businesses’ financial operations, as thousands of workers rely on its solution for payroll every month.
It builds a suite of apps to help businesses expand their workforce globally and remain fully compliant with local laws and regulations without spending endless hours on admin.. The company makes it easy for businesses to manage a global workforce. It enables them automate all HR and payroll admin tasks, including onboarding, contracts, invoicing, payments, and compliance—from one easy-to-use platform.
Customer base
Thera processes tens of millions of dollars in payroll annually for thousands of workers globally. Its customers include some of the fastest growing companies in the United States including Oceans, Landed, 1840 & Company, and Zendrop.
“Payments continue to be a massive challenge for many companies today. Through our unique bundled app model and customer-centric approach, we strive to create a streamlined experience to manage all financial ops all while increasing our customer’s bottom line,” said Akhil Reddy, Founder of Thera. “We are committed to providing the rates and transparency the industry so desperately needs. What Wise did in the remittance space, we’re doing in the B2B payments space.”
