Factorial, the leading workforce management solution for small and medium-sized businesses (SMBs), has seen strong traction in the market for its ‘Workday for SMBs’ product range. The company released the product in early 2018, targeting companies with up to 500 employees. This product helps employers across various sectors manage their workforce operations efficiently, at scale.
SMBs have unique requirements for managing their workforce, from tracking time more accurately to automating pay-roll processes. To meet these needs, Factorial developed Workday for SMBs that can simplify and streamline employee engagement processes through automation and advanced analytics on top of powerful hr tools like attendance tracking and payroll processing.
Factorial’s ‘Workday for SMBs’ quickly gained recognition as a reliable and efficient tool that enabled businesses to achieve greater productivity without sacrificing control over their data security. Due to its user-friendly design and functionality, the product received considerable media coverage amongst leading publications across its industry sectors. Moreover, several technology analysts have highly commended the features of ‘Workday for SMBs’ due to its ability to help businesses better manage their operations while keeping up with ever growing industry trends such as remote working and gig economy.
Background
Spain-based startup, Factorial, recently announced its successful completion of its series B funding round, which saw it secure $80 million in capital. The funding round was backed by some of the venture capital firm’s biggest names such as Atomico, Target Global, Valar Ventures, and Kleiner Perkins. This funding round sees Factorial’s post-money valuation increase to over $400 million.
The company has achieved such success and traction on the back of its ‘Workday for SMBs’ platform that is proving popular with small and mid-sized businesses (SMBs). Let’s dig into the details of this platform.
What is Factorial?
Factorial is a modern Human Resource Management System (HRMS) designed for small- to medium-sized businesses. The platform was launched in 2015 by Alex Dalmases and Carlos González, both with extensive backgrounds in HR tech and financial technology.
Factorial helps companies transition from out-dated processes to modern tools to better manage their human resources. It offers a comprehensive cloud-based suite of business solutions, such as on-boarding, employee evaluation and performance tracking, recruiting management, onboarding salary calculators and payroll integrations. The company also provides a range of analytics features to increase efficiency and help with budgeting decisions.
The product is designed for businesses of any size – with its industry leading pricing model it can scale up or down depending on the growing needs of individual companies or entire industries. Factorial’s mission is to ensure everyone has access to all the tools they need to manage their resources, regardless of their budget.
The ‘Workday for SMBs’
Factorial’s ‘Workday for SMBs’ is an integrated solution to help small and medium-sized businesses streamline their HR processes. It provides a holistic solution for HR functions such as employee onboarding, automated payroll, tracking employee work hours and attendance, managing benefits, generating employee files, and managing performance analysis. In addition, this software helps businesses increase operational efficiency by reducing paperwork burden on the HR department.
In addition, Factorial’s ‘Workday for SMBs’ provides the convenience of integrated analytics with real-time reports that aid in understanding important metrics such as productivity levels and working hours. This allows employers to better understand their employees’ working environment and make informed decisions regarding resource allocation. Furthermore, the product includes flexibility options like flexible work hours, which helps business owners move away from traditional 9-5 work hours.
Since its launch in 2018, Factorial has seen tremendous success with its ‘Workday for SMBs’ product with more than 2 million users globally leveraging its services and over 10 million user sessions happening monthly on its platform. The product has become popular among small & medium-sized business owners as it simplifies complex processes into an intuitive platform that offers great value at an affordable price point.
Spain’s Factorial raises $80M on the back of strong traction for its ‘Workday for SMBs’
Spain’s Factorial, a payroll and HR software, recently announced that it has raised $80 million on the back of strong traction for its ‘Workday for SMBs’. This is a great milestone for the company, and its team is proud of its success.
In this article, we’ll look at the factors contributing to Factorial’s growth and success.
Expansion in Europe
Factorial, a Spanish HR Software startup, has experienced considerable growth in Europe since releasing their ‘Workday for SMBs’ product.
Since launching in Spain in 2018, they have expanded to France and recently opened offices in Germany and the UK. This highlights how quickly the product has gained traction and is being adopted by smaller European businesses. The market for HR software solutions amongst this demographic continues to grow, as more businesses turn to digital solutions that are affordable, simple and effective.
Factorial’s remote HR solution includes features such as automated onboarding processes & paperless contracts, attendance management & compliance tracking tools and team performance tracking & automated payroll services. It is also GDPR compliant, allowing Factorial to expand into Europe without restriction or difficulty.
The next expansion stage for Factorial is believed to be North America as it looks to bring its product offerings to small businesses worldwide. By expanding into new markets with new customer demographics, Factorial can better understand customer needs and use that knowledge to continue building a comprehensive set of products for SMBs around the globe.
Recent Funding
Factorial, a Spanish cloud-based employee management platform, recently announced a $20 million Series A round of funding led by GV (formerly Google Ventures) alongside participation from Project A Ventures and experienced angel investors like Avishai Abrahami (co-founder of Wix.com). This recent SeriesA round brings Factorial’s total funding to over €30M.
The funds will help the company launch its Workday for SMBs app internationally. GV Partner Misha Leybovich expressed his view on Factorial: “Factorial stands apart from many of the other employee management solutions in the market—it gives a huge amount of control to companies looking to streamline their HR processes without adding more headcount.”
This latest funding represents another impressive show of support for what has quickly become one of Europe’s leading SMB software startups. The Workday for SMBs app provides businesses with end-to-end automation stages ranging from on-boarding to payroll contributions and filings making managing SMB staff much simpler and freeing up time for them to focus resources elsewhere within their operations.
In only 2 years since its founding, Factorial has gained traction in over 140 countries while serving thousands of customers worldwide. Its easy and useful HR solutions are designed exclusively for small business owners looking to manage their teams faster and better than ever.
Implications
The massive $80 million raise for Spain’s Factorial is a testament to the strong traction that its ‘Workday for SMBs’ solution has seen, as it opens up a broader space for SMBs to manage their workforces.
This raise is part of its mission to enable SMBs to manage their workforce more efficiently and effectively. In this article, we will look at the implications of this raise for Factorial and the SMB sector in general.
Impact on SMBs
One of the implications of Factorial’s ‘Workday for SMBs’ product is the increased ability it gives small to medium businesses to optimise their workflows. For example, the platform allows SMBs to track employee data, task assignment, and messaging in a central place while also providing insights into performance and compensations. Additionally, managers can use the platform to more easily assign tasks and manage absences.
The product also supports HR departments by automating manual processes such as employee onboarding and offboarding, saving time for managers and employees. Moreover, it provides tools that empower employees like timesheets to keep track of hours worked and facilitate self-service HR requests like PTO approval or salary adjustments.
With its strong traction among SMBs, ‘Workday for SMBs’ offers new opportunities for long term business growth by enabling businesses to streamline key processes and provide value-based services to their clients. Furthermore, by increasing efficiency through tighter integration between teams, businesses benefit further from improved decision making capabilities as they can better manage costs while accessing versatile KPI monitoring capability without expensive custom development.
Potential for Future Growth
Factorial, a company offering workforce management solutions for small- and medium-sized business (SMB) customers, has seen strong traction for its Workday for SMBs offering. With the growing digital transformation trend among SMBs across all industries, the demand for workforce management solutions will remain strong in the coming years. Consequently, Factorial is in a position to capitalise on these growth prospects and continue achieving greater success in the future.
Factorial’s ease of use and intuitive interface have allowed many businesses to reduce complexity and improve efficiency with their workforce management processes. Furthermore, these advances can be amplified within an expanding market with additional capabilities such as integration with payroll systems to facilitate timely employee payments. This can allow Factorial to offer even greater convenience to a wide range of SMB customers and capture more value in this space.
Moreover, by leveraging big data analytics tools such as machine learning models and predictive analytics techniques, Factorial can gain further insight into customer trends that could help inform strategic product development decisions over time. In combining these capabilities with its existing suite of comprehensive features geared towards easing Human Resources workflow complexities in various organisations worldwide, there is potential for even higher levels of success for Factorial as it continues evolving its Workday for SMBs offering.
tags = Spain, Factorial, raises $80M, Workday for SMB, startup out of Barcelona, factorial hr 80m global 530mlundentechcrunch, Latin American markets, Jordi Romero
