Payroll app Albam nabs US$1.7m in series B

Employee time clock and payroll app Albam raised US$1.7 million from LEO Partners Investment, Dunamu & Partners, and Bass Investment in a series B round. The company has raised US$5.8 million so far.

Albam offers automated employee time tracking and scheduling, and payroll calculations using beacon technology. The app allows employees to register attendance and automatically calculates their salary, allowances, and tax dues. It is planning to launch additional fintech services such as salary transfer within this year.

More than 50k businesses were using Albam in December 2018, which is a 3-fold increase from 16k in 2017.

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