Gusto Goes Freemium

Online payroll and HR services provider Gusto (formerly ZenPayroll) launched a freemium model. New this week, HR Basics offers small businesses a set of basic human resource tools for free.

The free service allows small businesses to manage employee vacation time, archive a directory of employees, and decrease the time it takes to onboard new hires. Unlike most freemium models, Gusto does not require small businesses to provide credit card or bank account information to use the service.

Gusto helps businesses move all paperwork online to create a better employee experience and company culture. TechCrunch, which covered the announcement earlier today, spoke with Gusto CEO Joshua Reeves, who commented on the term human resources. Reeves said, “Even the terminology ‘human capital management’ — humans are not capital, humans are not resources, they are people, thank you very much.”

As with all freemium offerings, the goal of Gusto’s HR Basics is to hook small businesses while they’re still small, so that when they need a more robust product, they’ll become paying customers. The company’s flagship product offerings range from $39 per month plus $6 per month per person and $149 per month plus $12 per month per person.

This move will help Gusto differentiate itself from its closest competitor, Zenefits, which also offers online HR, payroll, and benefits management. While Zenefits does not offer a free option, it does have less expensive and more a la carte pricing options.

At FinovateSpring 2014, Reeves showcased the company’s payroll solution. The company rebranded as Gusto in 2015, simultaneously pulling in $50 million in funding. Last month, Gusto was highlighted in Forbes for its diversity efforts. Of the company’s 525 employees, 51% are women. Gusto was founded in 2011 and is headquartered in California.

Finovate Alumni News

On Finovate.com

  • Gusto Goes Freemium.
  • Onfido to Power ID Verification for SnappCar.

Around the web

  • Tradeshift partners with Canon Business Process Services to enable clients to digitize their supply chain.
  • Ayondo to list on Singapore Exchange.
  • TD Finance announces partnership with auto shopping and financing innovator, AutoGravity.
  • Jumio brings KYC, AML, onboarding support to crypto platform, Monaco.
  • Money.pl looks at the number of Polish companies that demoed at FinovateEurope 2018 this month.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Onfido to Power Digital ID Verification for Bitstamp.

Around the web

  • eToro adds XLM to cryptocurrency offering for users to buy & sell Stellar Lumens on its platform.
  • Bluefin Payments teams up with Datacap Systems and Monetary to provide encryption to POS merchants.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Forbes Names 17 Finovate Alums on the Forbes Fintech 50

Forbes has released the third* Fintech 50 list, which this year features 17 Finovate alums, many of which have made the list for the third time. The Fintech 50 list highlights the top private fintechs that have operations, customers or impact in the U.S. The list excludes public companies and divisions of public companies.

Here are the alums honored in this year’s compilation:

Ayasdi

Among 22 newcomers to this year’s list.

Betterment

The company’s third time making the list.

Blend

Among 22 newcomers to this year’s list.

Blockchain

Among 22 newcomers to this year’s list.

Chain

The company’s third time making the list.

Coinbase

The company’s second time making the list.

Credit Karma

The company’s third time making the list.

Feedzai

Among 22 newcomers to this year’s list.

Gusto (formerly ZenPayroll)

The company’s second time making the list.

Kabbage

The company’s second time making the list.

Kensho

The company’s third time making the list.

Plaid

The company’s third time making the list.

Qapital

The company’s second time making the list.

Ripple

The company’s third time making the list.

Symbiont

Among 22 newcomers to this year’s list.

Symphony

The company’s second time making the list.

TransferWise

The company’s third time making the list.

In 2016, the list contained 20 Finovate alums, including Betterment, Chain, Coinbase, Credit Karma, Gusto, Kabbage, Kensho, Klarna, Motif, Personal Capital, Plaid, Qapital, Quantopian, Ripple, Signifyd, SoFi, Symphony, TransferWise, TrueAccord, and Xignite.

The list from three years back also contained 20 Finovate alums. Algomi, Betterment, Braintree, Chain, Credit Karma, HelloWallet, Kensho, LearnVest, Motif, Personal Capital, Plaid, Prosper, Quantopian, Ripple, Simple, TransferWise, TrueAccord, Vouch, Wealthfront, and Xignite made the list.


*Forbes skipped this compilation for 2017.

Gusto Partners with Accounting Platform Aplos

Accounting software provider Aplos has teamed up with payroll processing specialist Gusto to offer an integrated, back office financial and HR solution for Aplos’s nonprofit and faith-based organization client base.

“We are thrilled to expand our support of nonprofits by partnering with Aplos,” Gusto Head of Partnership Development Mike Triantos said. “Gusto and Aplos share the same vision by making it simpler to manage nonprofits and churches so they can focus on their core mission.”

The strategic partnership between the two companies will enable Aplos customers to import Gusto payroll runs into their accounting without requiring a manual export/import process. The cloud-based solution calculates, pays, and files federal, state and local payroll taxes, and manages W2, 1099, and new hire forms. In a statement, Aplos CEO Tim Goetz pointed out that Gusto was even able to factor in pastoral housing allowances and other more esoteric church financing arrangements

“When you are trying to change the world you don’t want to get stuck doing paperwork,” Goetz said. “This partnership with Gusto eliminates countless hours of administrative time.” He added that nine out of ten Aplos customers preferred Gusto over other payroll solutions. “I truly believe our nonprofit and church customers will feel this partnership makes their jobs easier so they can put their focus back on their mission.”

Founded in 2011 as ZenPayroll, the company demonstrated its payroll processing technology at FinovateSpring 2014. Rebranding as Gusto a year later, the San Francisco, California-based fintech has since partnered with firms like Capital One, raised more than $176 million in funding, and now serves more than 40,000 companies across the U.S. Gusto was named to CB Insights’ Fintech 250 list in June, and was featured in Business Insider as one of “3 startups to bet your careers on in 2017” last January.

Finovate Alumni News

On the web

  • Scalable Capital Launches in Switzerland.
  • Gusto Partners with Accounting Platform Aplos.
  • Alfa-Bank Collaborates with HashCash to Bring Domestic Payments to the Blockchain.
  • ID.me Powering Single-Sign On for VFW’s Digital Platforms

Around the web

  • ACI Worldwide announces its UP Merchant Payments solution now available as a cloud-based service.
  • Truphone, Featurespace and PayStand win spots on The Silicon Review’s 50 Smartest Companies list for 2017.
  • Bank Info Security features Nick Armstrong, CEO and founder of identitii.
  • Walmart Labs veteran Adnan Habib joins Roostify as VP of Engineering.
  • Realty Mogul appoints interim Chief Investment Officer Chris Fraley as its official CIO.
  • Klarna extends its partnership with ACI Worldwide.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Nubank Reaches Out to Brazil’s Underbanked with Addition of Digital Accounts.

Around the web

  • Built In Colorado names Gusto, Ping Identity, Personal Capital, Xero, PaySimple, Vantiv in its list of Top 100 digital tech companies in Colorado.
  • Compass Plus among the first software vendors to connect to the MirAccept 2.0 platform from NSPC.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

44 Alums Populate CB Insights’ Fintech 250 List

This week, CB Insights unveiled its Fintech 250 list. The research outfit selected 250 emerging, private companies in 17 sub-sectors of fintech that are changing the face of financial services. The roster includes 44 Finovate and FinDEVr alums that were selected using CB Insights’ data-driven process that analyzes company momentum, market participation, funds raised, and investor quality.

The list is in alphabetical order.

Algomi

AutoGravity

Avalara

Behalf

Betterment

Blend

Chain

Coinbase

Credit Karma

Currencycloud

CurrencyFair

Fenergo

Financeit

Gusto (formerly ZenPayroll)

Juvo

Kabbage

Kensho

Kreditech

Klarna

LendUp

Moneytree

PayNearMe

Payoneer

Personal Capital

Plaid

Quantopian

Quovo

Revolut

Ripple Labs

Roostify

Signifyd

SocietyOne

Socure

Tink

Token

Tradeshift

Transferwise

TrueAccord

Trulioo

VATBox

Wealthfront

Xignite

Zooz

Zopa

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: Moonraft Innovation Labs

Around the web

  • Huron Community Bank of Michigan to leverage Insuritas to launch insurance agency.
  • Experian partners with reporting and analytics platform dv01 to enable dv01 clients to access to richer borrower credit attributes.
  • FIS teams with Verifone to enable consumers to pay at the point of sale using loyalty points linked to a credit or debit card.
  • Business Insider names Gusto, App Annie, and BlueVine as 3 startups to bet your career on in 2017.
  • Token announces strategic partnership with VirtusaPolaris.
  • TransferTo to provide bridge linking between EcoCash and Mama Money mobile money services.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: Juvo’s Identity Scoring Builds Credit for the Underserved.

Around the web

  • Techfoliance features Dyme, Personetics, and Finn.ai.
  • Cryptocoins news examines LendingRobot’s new automated hedge fund.
  • The CardLinx Association unveils Microsoft-developed, open source, card-linking software available to public.
  • Capital One forges strategic partnership with Bill.com and Gusto to develop financial management tools for SMEs.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.