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About Gusto Stock
Founded
2011
Headquarters
San Francisco, CA, US
Total Funding
922M
Industries
Software, Artificial Intelligence, Data and Analytics
Gusto, formerly known as ZenPayroll, is payroll service for small businesses. Its comprehensive payroll service enables businesses to set up and run payroll in minutes, from any web enabled device. All government payroll taxes and reporting are taken care of automatically and paperlessly. Gusto has processed millions of dollars in payroll and their customers span a wide variety of businesses, from flower shops to technology start-ups.
Gusto was founded by entrepreneurs from Stanford University and they are based in San Francisco, CA.
Gusto Press Mentions
Stay in the know about the latest news on Gusto
Redefining the Small Business Banking Experience: Insights from U.S. Bank’s Shruti Patel
finovate • Oct 17, 2025
The Next Must-Have HR Tech Feature: 87% of Employers Risk Form I-9 Penalties Due to Lack of Compliance Automation
prweb • Oct 15, 2025
Maximor $9M Seed to Drive AI Agent Growth
crowdfundinsider • Oct 04, 2025
Source: HR software company Gusto paid ~$600M to acquire Guideline, which offers 401(k) plans to SMBs; Guideline raised $340M and had a $1.15B valuation in 2021 (TechCrunch)
techmeme • Oct 02, 2025
Gusto Acquires Guideline in $600 Million Deal, Faces Competition from Human Interest
venturecapital • Oct 02, 2025
Investors in Gusto
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Gusto Management
Leadership team at Gusto
Chief Executive Officer
Joshua Reeves
Chief Financial Officer
Mike Taylor
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Gusto Key Facts
- Continued Revenue Growth and a New Strategic Partnership: Gusto has continued its solid financial performance, with estimates placing its 2023 revenue at $600 million, a 33% increase from the previous year. This growth is being driven by the expansion of its platform and a new strategic partnership with Clair in July 2024 to offer on-demand pay to employees at many of its 300,000 businesses. This partnership allows Gusto to add a high-demand financial wellness feature directly into its Gusto Wallet, which helps it compete with other fintech and payroll providers.
- Investor Confidence: In June 2025, Gusto successfully completed a $200million-plus employee tender offer at a $9.3billion valuation, allowing employees and early investors liquidity while attracting new institutional investment led by Ontario Teachers' Pension Plan. This financial move underscores continued investor confidence and Gusto's long-term growth trajectory, even as the IPO market remains muted.Â
- Customer and Product Revenue Growth: The company’s platform now serves 300,000 businesses, and its 401(k) and Gusto Money products showed robust annual recurring revenue growth in 2024—50% and 140% year-over-year, respectively. Gusto is expected to add 150,000 new small business customers in 2025 amid ongoing R&D investment, reinforcing its competitive position in the HRtech space.
- Staff Reduction: Gusto announced the layoff of 126 employees (5% of its workforce) in February 2023, citing significant changes in the macroeconomic environment and a strategic pivot toward operational efficiency and sustainability. While Gusto remains well-capitalized, these workforce reductions highlight resilience efforts as well as vulnerability to economic headwinds and shifts in the tech sector. Such layoffs can affect company morale, operational capacity, and medium-term efficiency.Â
- Regulatory Changes: Ongoing regulatory change—including new state-by-state mandates and evolving compliance requirements—continues to pose risk for Gusto. In response, Gusto has expanded compliance capabilities, releasing Gusto Compliance, which helps small businesses proactively manage regulations from multiple agencies. Failure to adapt to legal changes could result in financial penalties and reputational damage.
- Intensifying Competition: Competitive pressures are intensifying, as Gusto faces a crowded field of rivals such as Paychex, Rippling, QuickBooks Payroll, ADP, OnPay, TriNet, and Square Payroll. Notably, Tarmack and Sloneek have expanded their global reach and feature depth, offering more comprehensive payroll and HR management options for scaling businesses, potentially eroding Gusto’s market share and slowing customer acquisition.
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