Payslip, an automation and integration technology platform for global payroll management, today announced a successful close of an additional $10M to its Series A financing round, bringing the company's total financing to $14.5M.
MiddleGame Ventures led the round, with Mouro Capital serving as co-lead and there was additional participation from Frontline Ventures, Tribal.vc, investors David Clarke, former CTO of Workday; Brian Williams- Co-Founder of One Source Virtual; and Phil Chambers, CEO and Co-Founder of Peakon.
This extension round follows a record year of growth for Payslip since its last financing in March 2020, which saw a nearly 100% increase in employee headcount, 40% revenue growth, and 25% quarterly customer growth. This investment empowers Payslip to continue helping multinational organizations solve a range of payroll-related pain points, including lack of data standardization & automation, reporting & analytics, compliance and payroll operational efficiency and facilitates the ability to grow a business by scaling into new countries and markets seamlessly. Proceeds from the funding round will also enable Payslip to hire more talent across a range of departments, including engineering, product development, sales, tech support, and finance to drive the business forward and serve its growing international client base.
"Companies with high growth international expansion need a flexible global payroll management system to onboard countries quickly and provide multi-country reporting, so their leadership can make smart FDI decisions," says Fidelma McGuirk, CEO of Payslip. "Covid travel restrictions, in-country business continuity requirements, and increased WFH acceptability have turbocharged international hiring and country expansion. Payslip customers use our technology to grow quickly into new countries, deliver a unified employee self-serve experience globally and, most importantly, to have real-time insights via the reporting available on Payslip around payroll costs, operational delivery and vendor performance."
With over 150 positions to be filled, the company is looking to hire both globally remote and Ireland-based employees. Payslip plans to also leverage this additional funding to expand its product roadmap to include enhanced payroll, benefits & employee payroll personalization, greater zero touch automation & validation, and last mile global payments & benefits integration. This will ensure its platform and integration technology are fully optimized to lead the next generation of innovation in the global payroll space.
"Fidelma and the Payslip team are pioneering a new technology that solves problems for clients with complex payroll needs," says Patrick Pinschmidt, General Partner at MiddleGame Ventures. "By removing friction and standardizing data flows, Payslip enables greater customization around enhanced services for employees. This flexible global payroll tech is unique in the marketplace and we are excited to help them create innovative, problem-solving solutions for global employers."
Payslip helps organizations automate and standardize their global payroll management. From high growth technology native companies to large enterprises, Payslip's platform and integration technology are designed to solve problems and respond to the challenges brought about by traditional payroll models which can no longer meet the demands of a rapidly changing payroll and high growth environment.