Cash infusion comes on the heels of brisk company growth
Compt – an employee perk stipend software firm optimized for today’s more flexible workplaces that include those in the mortgage and banking industries – announced a $13 million Series A investment led by Battery Ventures.
The company’s vendor-agnostic stipend software enables the assignment of set stipends in general categories from “family” to “wellness.” After employees select category services suiting their needs, they ready for reimbursement by uploading receipt photos via Compt’s application or its direct integration into Slack.
The funding comes on the heels of brisk growth – nearly 500% ARR serving companies in 60 countries while integrating with essential tools already in use such as ADP, BambooHR, UKG, Sapling, Slack, Google and others. Prior seed funding came from collaboration-software company Slack Fund and Harlem Capital Partners. The aim of the most recent funding is to reach a greater number of global firms, company officials said.
Compt founder and CEO Amy Spurling described the motivation behind the development. “The world of employee perks has always been a tough one for finance professionals,” she told Mortgage Professional America. “As a three-time former CFO, I have had many, many conversations with HR leaders about the challenge of needing to offer perks to compete for talent while simultaneously trying to comply with tax law and stay on a budget.”
Challenges have only grown as companies have moved to remote-first or hybrid models, Spurling explained: “Employees have seemingly unlimited options for where they can work, so it is imperative companies listen when employees demand personalization in their employee perks,” she said. “The old days of offering a few discounts that no one used or a couple of cool perks just don't cut it when every employee expects to be treated as an individual.”
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Overall, Spurling said, Compt enables perk stipends across twenty categories and sees an average of 91% employee engagement and 97% account activation in companies using its software. HR teams are navigating a categorical shift in how they deliver corporate perks, she added. Today, as the concept of “the office” has evolved, many companies are moving to offer a wider range of more-flexible perks that can be customized for each employee and accessed offsite, Spurling noted.
“We built Compt to be a streamlined solution to fit everyone's needs,” Spurling said. “We help ensure every person can receive individualized support, and we manage tax and budget compliance to alleviate the administrative burden for HR and finance professionals,” she added, labeling the latter as typically “the leanest teams in a company.”
The Series A funding comes on the heels of the company’s win during the inaugural Society of Human Resource Management “Better Workplaces Challenge Cup” staged in Las Vegas late last year. The three-round competition was designed to highlight the most innovative HR tech solutions from companies across the US. From among some 150 submissions, the company won both the local and regional levels before clinching the title in the final round, according to an earlier news advisory.
Compt is self-described as the number one employee stipends platform “…that gives people the freedom to choose the lifestyle perks that they really want.” Its employee stipend and rewards software is fully customizable to a company’s needs, IRS-compliant, and can support global teams, according to information on its website.
