British FinTech startup Ravio raises €10.6 million to modernise compensation data for global workforces

London-based Ravio, a FinTech startup that creates a real-time view of the market for what different job roles are being paid, has raised a €10.6 million Series A funding round to modernise how companies manage compensation with real-time market data and decision making tools.

The round was led by Spark Capital with participation from Blackbird and Cherry Ventures.

“Market data hasn’t kept pace with today’s dynamic market,” said Merten Wulfert, Co-founder and CEO of Ravio. “We’re bringing decades-old survey methodology into the modern age by plugging directly into our customers’ HR systems. This approach automates the data collection process and lets us continuously analyse market movements as they happen.”

Founded in 2022, Ravio provides data and tools for companies to achieve compensation confidence. By delivering real-time market insights and modern compensation management software, Ravio looks to help forward-thinking businesses avoid the ‘compensation debt’ that occurs when pay practices fall out of alignment with market realities.

Ravio counts consumer brands like Just Eat Takeaway and Octopus Energy among its customers, alongside FinTech leaders such as Wise, Adyen, and Mollie. Names like Zoopla and Skyscanner have also chosen Ravio to set their compensation strategies.

“The idea for Ravio was born from running compensation reviews during the early days of building Deliveroo,” said Vaso Parisinou, Chief People Officer at Ravio. “We were scaling rapidly, and it was painful finding data from relevant companies. I was building bands across countries, ensuring my data reflected the current market, and trying to fill in gaps for remote markets. It was impossible.”

According to data provided by Ravio, despite representing 70% of operating costs, most companies make these important decisions using “patchy” data that’s 12-18 months old. Ravio believes this approach creates significant issues:

• Talent leaves when underpaid compared to current market rates
• Companies overspend on some roles while struggling to attract talent in others
• Pay inequities develop as new hires and existing staff operate from different reference points

HERO Software, a German SaaS company growing from 100 to 250 employees this year, used Ravio to transform their compensation strategy. “When we built salary bands using Ravio, we could immediately see a few outliers – it was easy to spot pay equity issues,” explains Anna-Lena Grimm, Director of People & Culture at HERO.

Ravio’s platform reportedly delivers market data across 46+ countries and 100+ roles, helping companies make informed decisions quickly.

Customers using Ravio can connect data from their HR software via API, which is then anonymously aggregated into market-level benchmarks, with a give-to-get model. They can then compare their salary, equity and benefits packages to today’s market – with filters for headcount, funding stage, and industry. 

“Access to Ravio’s live market data means no more headaches from delayed data sets or having to age compensation data,” explains Jodi Slomp, VP People at Mollie. “Ravio offers real-time data with amazing visualisations.”

“What I love about Ravio is the ability to track what’s going on in today’s market,” said Evert Kraav, Senior Compensation Manager at Bolt. “Now, we can benchmark against current market rates in real-time.”

With Series A funding, Ravio will continue its international expansion to help compensation Rewards leaders access modern tooling needed to deploy competitive pay strategies.

“After supporting 1,200+ companies, we’ve seen how compensation leaders are put in tough positions with insufficient data and outdated tooling,” said Raymond Siems, Chief Product & Technology Officer at Ravio. “We’ve built what our customers told us they need: real-time insights and decision-making tools without painful or time-consuming admin. Our mission is to empower compensation teams to lead with accurate, defensible data in every conversation.”

Ravio plans to use the new funding to:

• Continue growing a comprehensive dataset with expanded regions and industry coverage
• Develop advanced market insights, including new hire benchmarks and predictive analytics
• Invest in best-in-class tools for efficient compensation management

“We’re excited to double down on our previous investment in Ravio by leading their Series A,” said Alex Finkelstein at Spark Capital. “Getting compensation right is challenging for companies of any size and industry. We believe Ravio is positioned to become the industry standard for real-time compensation data.”

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