Payslip, the Ireland-based provider of an automation and integration technology platform for global payroll management, has successfully closed an additional $10 million for its series A financing round, bringing its total raised to $14.5 million.
MiddleGame Ventures led the round, with Mouro Capital serving as co-lead. There was additional participation from Frontline Ventures and Tribal.vc, as well as investors David Clarke, Brian Williams and Phil Chambers.
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.
The new investment empowers Payslip to continue helping multinational organisations solve a range of payroll-related pain points, including lack of data standardisation and automation, reporting and 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 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.
Fidelma McGuirk, chief executive officer of Payslip, says: “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.”
“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 and employee payroll personalisation, greater zero touch automation and validation, and last mile global payments and 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.
Patrick Pinschmidt, general partner at MiddleGame Ventures, says: “Fidelma and the Payslip team are pioneering a new technology that solves problems for clients with complex payroll needs.”
“By removing friction and standardising data flows, Payslip enables greater customisation 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.”