Thera, a New York City-based payroll and payments platform, has secured $4 million in seed funding, led by Y Combinator and other prominent investors. Founded by former Amazon engineer Akhil Reddy, Thera aims to simplify global payroll management for businesses with international teams. The platform stands out for its focus on global compliance, transparency, and cost efficiency, offering up to 90% cost savings compared to competitors like Stripe and Deel. With plans to expand its product offerings and team, Thera is positioned to lead in the B2B payments space, addressing the growing demand for international talent and global financial solutions.



New York City continues to cement its status as a hub for innovative tech startups with the recent announcement that Thera, a promising payroll and payments platform, has successfully raised $4 million in a seed funding round. The financing is set to propel Thera's mission of simplifying global payroll management, addressing a critical need for businesses navigating the complexities of hiring and paying international employees.

Strategic Investment and Key Backers

Thera’s seed round was backed by a mix of prominent venture capital firms and angel investors. Leading the round were Y Combinator, 10x Founders, Amino Capital, Zillionize, and Bayhouse Capital, with additional support from influential angels such as Oliver Jung, Chris Bakke, Andrew Yeung, Akash Magoon, and Bobby Matson. This diverse group of investors brings a wealth of experience and a deep understanding of the tech landscape, providing Thera with both the financial resources and strategic guidance needed to scale its operations.

The Thera Platform: A Comprehensive Solution for Global Teams

Founded in 2022 by Akhil Reddy, a former Amazon engineer known for his work on key systems that power Amazon Prime, Thera was born out of a vision to simplify the complex landscape of global payroll and payments. The platform offers a comprehensive suite of services designed to meet the needs of businesses with international teams. Thera’s ecosystem of apps includes solutions for payroll, treasury management, and accounts payable/receivable (AP/AR), all integrated into a single, user-friendly platform.

What sets Thera apart from other payroll and payments platforms is its focus on global compliance and transparency. The platform integrates with major payment providers and continuously updates its database with the latest labor laws and regulations from around the world. This ensures that businesses can manage their international workforce with confidence, knowing that they are fully compliant with local laws and regulations.

Addressing the Growing Demand for International Talent

The demand for international talent has been steadily increasing, particularly among small and medium-sized enterprises (SMEs). A 2023 survey by Gusto revealed that 75% of SME owners and decision-makers planned to increase their international headcount, with 54% intending to do so within the next 1-3 years. However, the complexities of managing payroll and payments across different countries have traditionally posed significant challenges for these businesses.

Thera is uniquely positioned to address these challenges. By offering a platform that consolidates multiple financial tools into a single solution, Thera enables businesses to manage payroll, invoicing, and contractor payments with ease, regardless of where their employees are located. The platform’s focus on cost-efficiency and transparency is particularly appealing to SMEs, which often operate on tight budgets and require streamlined solutions that do not sacrifice quality.

The Competitive Edge: Cost Savings and Speed

One of Thera’s key selling points is its ability to deliver significant cost savings compared to other players in the market. The company claims that its platform is up to 90% more affordable than competitors like Stripe Invoicing for global payroll and up to 80% more affordable than Deel for AP/AR services. This competitive pricing model, combined with the platform’s speed and efficiency, makes Thera an attractive option for businesses looking to optimize their financial operations.

Thera’s platform is designed to process payroll quickly and accurately, with 95% of payrolls being processed and delivered on the same day. This is a marked improvement over other payroll companies, which often take 2-10 days to complete similar transactions. The platform’s ability to pass on cost savings to contractors—who can earn up to 3% more than with other providers—further enhances its appeal.

Growth and Expansion Plans

With the fresh infusion of capital, Thera is well-positioned to accelerate its growth and expand its footprint in the global market. The company plans to use the funds to further develop its platform, enhance its product offerings, and expand its team in New York City. In particular, Thera is focused on building out its mobile applications, which will provide businesses with even greater flexibility and convenience when managing their financial operations.

The company’s growth strategy also includes expanding its customer base, particularly among fast-growing companies in the United States. Thera’s existing clients include some of the most dynamic businesses in the country, such as Oceans, Landed, 1840 & Company, and Zendrop. These companies rely on Thera’s platform to manage their global payroll and payments, and their success is a testament to the value that Thera provides.

Conclusion: Paving the Way for Global Financial Innovation

As Thera continues to scale, it remains committed to its mission of simplifying global payroll and payments for businesses of all sizes. The company’s innovative platform, combined with its focus on transparency, compliance, and cost-efficiency, positions it as a leader in the B2B payments space. With the support of its investors and the continued expansion of its product offerings, Thera is poised to make a significant impact on the global payroll and payments industry.

In a rapidly globalizing world, where businesses are increasingly relying on international talent to drive growth and innovation, Thera’s solutions are more relevant than ever. As the company moves forward, it will play a crucial role in helping businesses navigate the complexities of global financial operations, ultimately enabling them to thrive in an interconnected global economy.