Atomic, a payroll integration API provider, has raised $22 million in a series A funding round announced Tuesday.

The round was led by Core Innovation Capital and saw participation from Portag3 Ventures and Greylock Capital, both existing investors in Atomic. The funds will be used toward scaling Atomic’s offerings and onboarding new staff.

Atomic’s APIs are used by more than 40 financial institutions, fintechs and technology firms, including cryptocurrency exchange Coinbase, and neobanks like Dave and Welcome Tech. The firm’s direct deposits payroll offering covers about 120 million workers, or about 75% of the U.S. workforce, and has integrations with leading payroll providers like Automatic Data Processing (ADP).

“Atomic is at the forefront of creating a faster, safer and more inclusive financial infrastructure and shares Core’s mission of financial empowerment,” Arjan Shutte, founder and managing partner at Core Innovation Capital, told Bank Automation News. Atomic also recently announced a partnership with neobank Welcome Tech that enabled direct deposits for 3 million customers and is aimed at serving immigrant clients lacking direct access to bank accounts.

The API provider’s offering allows customers to connect payroll accounts to third-party banking applications while also enabling access to financial data for income and employment verifications.

“This infusion of capital will be focused on continuing to deliver cutting-edge financial solutions,” Scott Weinert, chief technology officer at Atomic, told BAN. The firm is paying extra attention to expanding its team in order to ensure that its engineering staff is equipped to handle the volume flowing through its link-ups with neobanks. “What we’ve seen is that the volume of these neobanks can get up to 1.5 million consumers on a monthly basis that will enter Atomic’s flow,” Lindsay Davis, head of markets at Atomic, told BAN.

The company is hiring machine learning specialists in order to build out models that can offer clients, like Coinbase and fintech MoneyLion, more information on the financial health of their customers. “There’s a lot of problems that we see in payroll systems that we can actually boil down to machine learning problems,” Davis said.

The Salt Lake City, Utah-based Atomic was founded in 2019, and has raised a total of $38.6 million in funding from investors, including ATX Venture Partners, Greylock and Core Innovation Capital, according to Crunchbase data.