When we started Flare five years ago, we knew that technology could play a key role in reimagining the relationship between businesses and their teams. In 2020, over 2,500 businesses use our software to engage with their teams of more than 650,000 employees nationwide, and we’re integrated with over a dozen HR and payroll platforms. This means Flare is used by 1 in 20 Aussies in the workplace—and we’re just getting started.
Today, we’re announcing our Series C capital raise of $22 million, led by MYOB, one of Australia’s leading technology companies. The round also includes existing investors Point72 Ventures, Acorn Capital and David Fite, and Malcolm Turnbull joins as a new investor. Both Malcolm and David will join Flare as special advisors.
A partnership for scale
In addition to leading this round of funding, we are thrilled to announce our partnership with MYOB, to deliver world-class digital products and solutions to MYOB customers. Flare and MYOB share a similar ethos, in that we both exist to help businesses and their employees thrive. This partnership will see us continue to focus on our mission of making it easy for Australian businesses to onboard, pay, and engage with their teams—at work, and beyond. Our software will be available for MYOB SME customers by the end of the year, and Enterprise customers in 2021.
We’re excited to play an active role in the next stages of Flare’s growth and look forward to working together to unlock the potential of their unique software. Our purpose at MYOB is to help more businesses start, survive and succeed, and what better way to do this than by empowering them to more efficiently onboard and engage the lifeblood of their business – their employees.
Andrew Baines
General Manager Financial Services, MYOB
Fuel for our next chapter
The pandemic era with COVID-19 means workplaces will never be the same. Engaging and retaining a distributed or remote workforce is more important than ever, and more Australians are living with stress. 40% of us experienced some form of financial stress in 2020, and millions live payday to payday.
This capital raise allows us to improve our market-leading B2B solutions, and expand our growing suite of workplace financial products designed to help every Aussie get the most out of their money, no matter what they want to do with it, and help them achieve financial security. We are incredibly excited to roll these products out over the coming months.
Flare’s unique business model provides real value to Australian firms and their employees in equal measure, at a time when the future of work looks very different. I’m excited to join Dan, James and the entire Flare team in this next chapter of their journey.
Malcolm Turnbull
Former Prime Minister of Australia
And finally, we wouldn’t have reached this milestone without our talented team. From our very first office in Bondi (where running water was not always a thing), to co-working spaces and now our headquarters in Barangaroo, thank you to everyone who has walked these floors since 2015, and been part of the Flare story.
We are incredibly proud of the team we’ve built, and their tireless efforts to bring our vision to life. If you’re interested in joining us for this next ride, we’re hiring across product, engineering, marketing, and finance. You can check out our open roles here.
Dan and James