Thera

Founded in 2021 by co-founders Akhil Reddy and Dan Burke and based in New York, US, Bloom Financial Corp. , doing business as Thera, provides a comprehensive solution that allows companies to hire, pay, and manage employees and contractors worldwide while ensuring compliance with local laws and regulations. In August 2024, Thera raised USD 4 million in seed funding from investors 10x Founders, Amino Capital, and Bayhouse Capital, with participation from investors Y Combinator and Zillionize Angel.   Thera offers a platform to streamline payroll processes while ensuring compliance with US regulations.

The platform automates tax compliance, tax registrations, and the generation and distribution of W-2 forms, simplifying year-end processes for businesses. The platform also offers advanced payment solutions with features like AI-driven transfers and comprehensive reporting tools. The company also provides a platform that allows businesses to manage contractor payments, contracts, and compliance across 150+ countries. The tool supports multiple payout methods, including local bank transfers, SWIFT, and services like Wise and Payoneer, offering contractors flexibility in how they receive their payments.

Additionally, Thera’s EOR platform facilitates the onboarding of international employees, manages payroll across different jurisdictions, and ensures compliance with local labor laws. The firm provides 24/7 dedicated customer support and leverages local HR expertise to assist clients in navigating complex regulations. The business offers a platform that enables users to manage bill payments and receivables from a single interface. The company provides seamless integration with over 40 accounting tools, allowing businesses to consolidate payments and handle transactions in various currencies.

Thera generates revenue through a subscription-based model, which costs USD 199 for employer-of-record. The company will use the August 2024 funding to grow its staff and further build its platform in New York City.