About Paynest
Paynest is a company based in London (United Kingdom) founded in 2021.. Paynest has raised $3.27 million across 2 funding rounds from investors including CTT, BlueCrow and Lince Capital. The company has 2 employees as of June 30, 2024. Paynest offers products and services including Expense Management, Salary On-Demand, Instant Cashback, and Financial Coaching. Paynest operates in a competitive market with competitors including Wagestream, Papaya Global, Clair, PayFit and CloudPay, among others.
- Headquarter London, United Kingdom
- Employees 2 as on 30 Jun, 2024
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Sectors
TechnologyFinancial Services
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Paynest Ltd
- Date of Incorporation 06 Jun, 2022
- Jurisdiction DERBY, ENGLAND
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$3.27 M (USD)
in 2 rounds
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Latest Funding Round
$1.11 M (USD), Seed
Sep 09, 2024
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Investors
CTT
& 3 more
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Employee Count
2
as on Jun 30, 2024
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Products & Services of Paynest
Paynest offers a comprehensive portfolio of products and services, including Expense Management, Salary On-Demand, Instant Cashback, and Financial Coaching. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
AI platform for automating business expense tracking and reporting.
Service providing instant access to earned wages and bonuses.
Feature offering cash rewards on transactions for employee benefits.
Tool for improving employee financial health through guidance and insights.
Funding Insights of Paynest
Paynest has successfully raised a total of $3.27M across 2 strategic funding rounds. The most recent funding activity was a Seed round of $1.11 million completed in September 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Seed — $1.1M
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First Round
First Round
(13 Dec 2023)
- Investors Count 4
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Sep, 2024 | Amount | Seed - Paynest | Valuation | Lince Capital , BlueCrow |
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| Dec, 2023 | Amount | Seed - Paynest | Valuation | Lince Capital |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Paynest
Paynest has secured backing from 4 investors, including venture fund and institutional investors. Prominent investors backing the company include CTT, BlueCrow and Lince Capital. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Lince Capital is engaged in venture capital fund management.
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Founded Year | Domain | Location | |
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Support is provided to startups for growth and global expansion.
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Founded Year | Domain | Location | |
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Diversified asset management is handled across various investment sectors.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Paynest
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Paynest
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Paynest Comparisons
Competitors of Paynest
Paynest operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Wagestream, Papaya Global, Clair, PayFit and CloudPay, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Financial benefits platform for on-demand pay is provided to employees.
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| domain | founded_year | HQ Location |
Cloud-based payroll management solutions are offered for businesses.
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| domain | founded_year | HQ Location |
Embedded Earned Wage Access solutions are provided for HR platforms.
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| domain | founded_year | HQ Location |
Cloud-based payroll and HR management solutions are offered to businesses.
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| domain | founded_year | HQ Location |
Cloud-based payroll software is offered for business management.
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| domain | founded_year | HQ Location |
Payroll and HR management for remote teams is facilitated online.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Paynest
Frequently Asked Questions about Paynest
When was Paynest founded?
Paynest was founded in 2021 and raised its 1st funding round 2 years after it was founded.
Where is Paynest located?
Paynest is headquartered in London, United Kingdom. It is registered at London, England, United Kingdom.
Is Paynest a funded company?
Paynest is a funded company, having raised a total of $3.27M across 2 funding rounds to date. The company's 1st funding round was a Seed of $2.16M, raised on Dec 13, 2023.
How many employees does Paynest have?
As of Jun 30, 2024, the latest employee count at Paynest is 2.
What does Paynest do?
Paynest was established in 2021 in London, United Kingdom, as an online platform focused on the fintech sector. Financial education resources are offered alongside payroll management tools to support users in handling personal and business finances. Operations center on digital services accessible through the paynest.co domain, with a primary emphasis on the UK market while enabling broader online reach for educational and administrative needs.
Who are the top competitors of Paynest?
Paynest's top competitors include Wagestream, Clair and Papaya Global.
What products or services does Paynest offer?
Paynest offers Expense Management, Salary On-Demand, Instant Cashback, and Financial Coaching.
Who are Paynest's investors?
Paynest has 4 investors. Key investors include CTT, BlueCrow, Lince Capital, and M4 Ventures.
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