← Embedded Finance Index 2026

Infoniqa

“Can a DACH-native HR + payroll + finance software house remain the trusted local alternative to global HCM giants for the SMB middle market?”

Founded1988
HQWels, Austria (Infoniqa Holding GmbH); Böblingen, Germany (Infoniqa Deutschland GmbH)
FoundersSiegfried Milly, Ernest Friedwagner
Total raised$4.5M (disclosed)
Latest roundunknown
IndustryHorizontal SaaS / HR & Payroll
The story

Founded 1988 in Austria as an HR-services boutique, Infoniqa spent the 2000s consolidating DACH payroll and HR software through acquisitions (including DCCS Informationstechnik / former Infoniqa Informationstechnik, Sawayo, perview, Run my Accounts). Today it operates as a DACH-focused HR + Finance + Payroll platform with ~1,200 employees across 26 locations, serving ~40,000 SMB customers with a mix of licensed software (Infoniqa ONE 200), cloud SaaS (Infoniqa HR), and BPO ('Run my Payroll', 'Finance Outsourcing'). Not a fintech — embedded finance surface area is narrow, limited to card acceptance on invoicing via a Payrexx add-on and Swiss E-Banking connectivity inside its accounting product.

Last 12 months
—
Product timeline
1988
Founded as 'Siegfried Milly und Ernest Friedwagner GesbR' to digitally support HR departments· founding
1999
Rebranded to Infoniqa; 28 employees, first investors· pivot
2004
Acquisition-led growth era begins under Alexander Zrost and Siegfried Milly; €3M revenue, 90 employees· acquisition
2006
Launched engage! — first holistic HCM system covering all HR areas· product
2023
Run my Payroll AGB published — full BPO payroll service offering· product
Acquisitions
DCCS Informationstechnik (formerly Infoniqa Informationstechnik)
German provider of payroll and business management software for SMEs; part of Infoniqa's DACH consolidation
Sawayo
German HR compliance / workflow software; now sold as 'Sawayo by Infoniqa'
perview
Hamburg-based HR software vendor absorbed into Infoniqa Deutschland
Run my Accounts
Swiss/German online accounting BPO — now Run my Accounts AG and Run my Accounts Deutschland GmbH
The stack
3 layers disclosed in Infoniqa’s embedded-finance stack
Payments / PSP
Payrexx
Payroll
in the full report
Accounting
in the full report
Accounting gap: none
6 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.