Payroll Adds $ 10 Million to its Series A Funding to Disrupt Traditional Service Model for Global Payroll
WESTPORT, Ireland, May 18, 2021 / PRNewswire / – Pay slip, an automation and integration technology platform for global payroll management, today announced the successful completion of a $ 10 million in turn funding Series A, bringing the company’s total funding to $ 14.5M. MiddleGame Ventures led the round, with Mouro Capital as a co-lead and additional participation from Frontline Ventures, Tribal.vc, investors David clarke, former technical director of Workday; Brian williams– Co-founder of One Source Virtual; and Phil Chambers, CEO and Co-Founder of Peakon.
This extension cycle follows a record year of growth for Payslip since its last financing in March 2020, which saw an almost 100% increase in headcount, 40% revenue growth and 25% quarterly customer growth. This investment allows Payslip to continue to help multinational organizations solve a range of payroll issues, including lack of standardization and automation of data, reporting and analytics, compliance and operational efficiency. payroll and facilitates the growth of a business by operating in new countries and markets in a transparent manner. Proceeds from the funding cycle will also allow Payslip to hire more talent across a range of departments including engineering, product development, sales, technical support and finance to move the business forward and serve its growing international clientele.
“High growth international companies need a flexible global payroll management system to quickly onboard countries and deliver multi-country reports, so their executives can make smart FDI decisions,” says Fidelma McGuirk, CEO of Payslip. “Covid travel restrictions, country business continuity requirements and increased acceptability of WFH have boosted international hiring and country expansion. Payslip customers use our technology to expand rapidly into new countries, deliver a unified self-service experience to employees globally and, most importantly, to have real-time information through the reporting available on Payslip on payroll costs, operational delivery and supplier performance. “
With over 150 vacancies, the company is looking to hire both globally Irelandbased employees. Payslip also plans to leverage this additional funding to expand its product roadmap to include better payroll, employee benefits and payroll personalization, greater contactless automation and validation, and integration. global last mile payments and benefits. This will ensure that its platform and integration technology is fully optimized to lead the next generation of innovation in the global payroll space.
“Fidelma and the Payslip team are pioneering new technology that solves the problems of clients with complex payroll needs,” says Patrick pinschmidt, General Partner at MiddleGame Ventures. “By removing friction and standardizing data flows, Payslip enables greater personalization of improved services for employees. This flexible global payroll technology is unique in the marketplace and we are excited to help them create innovative problem-solving solutions for employers around the world. ”
Payslip helps organizations automate and standardize their overall payroll management. From native high-growth tech companies to large enterprises, Payslip’s platform and integration technology are designed to solve the problems and address the challenges posed by traditional payroll models that can no longer meet the demands of a rapidly changing and high growth payroll environment.
Payslip is already used by dozens of multinational organizations in various industries and clients include LogMeIn, Get Your Guide, Cloudera and Airbus. For more information, please visit www.payslip.com.
About the payslip:
Payslip provides automation and integration technology that offers standardized global payroll management to multinational employers. Payslip technology integrates with HCM & Accounting / ERP systems: automation of payroll processes, standardization of payroll data and consolidation of payroll reports. Businesses can centrally manage their global payroll operations with visibility, control and governance while easily moving to new countries.
About MiddleGame Ventures:
MiddleGame Ventures (MGV) is a fintech venture capital firm focused on supporting world-class teams that build transformative businesses that will reshape financial services for decades to come. MGV is headquartered in Luxembourg with offices in Dublin and Washington DC. For more information visit http://www.middlegamevc.com/
SOURCE pay slip