New York based payroll API has raised $20m in Series A funding led by Coatue.
“For us, it was really about picking one of those and using it as a wedge and then augmenting from there,” Lee said. “Direct-deposit switching was the most urgent and top priority for all of our customers, mostly since there wasn’t much of an alternative.” According to him, the company is becoming a market leader in that strategic niche. “In a quarter, we will be doing close to half of all direct-deposit switches in the neobank market,” he said.