Payslip in major growth phase with additional €8.3 million in funding

May 18, 2021 | David Daly 5 Mins read

Payslip, the automation and integration technology platform for global payroll management, reached another major company milestone this week with the announcement of €8.3 million in new funding.

This is fantastic news for our growing international client base and any multinational organization who is looking to manage their multi country payroll in a better way while scaling their business into new markets. This latest round takes our total funding up to €12 million.

We will use this funding to build out a world class global team with the recruitment of senior hires across our engineering, sales, product, customer success and fintech project teams. Funds will also be used to help us deliver on our ambitious product road map including a range of new platform features.

Speaking about the €8.3 million investment, our CEO & Founder, Fidelma McGuirk, said

“Covid has turbocharged international hiring and country expansion-high growth tech native companies and large enterprises need smart working technology to standardize how they manage their global payrolls and arrange fast implementation for new countries.
Payslip is helping companies to centrally manage and maintain full control of all global payroll operations, which is especially important when you have a high growth geo distributed workforce.
We are creating a lot of new positions across engineering, customer success and project management. Westport offers a great lifestyle by the mountains and sea along the Wild Atlantic Way, and we would encourage people to join Team Payslip here and globally to help us deliver cutting edge technology to the best multi-national clients in the world”

Payslip has very big plans for the future and will create 150 new jobs across Ireland and globally to deliver on these plans. Such a recruitment drive has not gone unnoticed, and these are the words of the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar who had this to say about our wonderful growth story.

“This is great news from Payslip today. These 150 new jobs across Dublin and Westport are highly skilled positions and are a real vote of confidence. Despite the challenges posed by the pandemic, Ireland’s tech sector continues to perform very well. I understand Payslip has already experienced really impressive growth in the last year, and thanks to its funding round it's positioned to ramp up its international operations. I wish CEO Fidelma McGuirk and her team the very best as they set out on this exciting phase of expansion.”

It has been a year of major new client acquisition and phenomenal growth and this latest round of funding is reflective of the increasing demand within the marketplace for a global payroll technology solution that is designed specifically to solve key pain points experienced by global employers when it comes to payroll delivery.

Conversations with clients and a range of industry research strongly indicates that these global payroll problems are not going away- in fact, the pandemic has just created a range of new challenges. More than ever, multinational companies need Payslip technology.

Venture capital companies now agree, and it is clear that our clients love what we do. We’re ahead of the market curve with our technology, we’re building strong market momentum thanks to a great team and now we’re backed by some major players in the venture capital industry.

Middlegame Ventures led this funding round with the largest investment with significant additional funding coming from key players Mouro Capital, Frontline Ventures and Tribal VC.

Patrick Pinschmidt, General Partner at MiddleGame Ventures, had this to say:

“Fidelma and the Payslip team are pioneering a new technology that solves problems for clients with complex payroll needs. 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.”

Amid high interest, some well-known global payroll industry individuals also participated in the funding. David Clarke, former CTO of Workday; Brian Williams- Co-Founder of One Source Virtual; and Phil Chambers, CEO and Co-Founder of Peakon all believe that Payslip is the future of global payroll, clearly recognizing that our technology is ideally positioned to meet global employer payroll needs, especially now that several of those needs have become more pressing and urgent due to the fallout from the global pandemic.

Payslip has enjoyed record growth since the last round of funding in March 2020

100% employee headcount growth year on year

40% revenue growth

25% quarterly customer growth

These are exciting times for the Payslip. We know global employer organizations need a technology solution to manage their multi-country global payroll. Traditional payroll service models no longer serve complex payroll issues and global payroll delivery in a post pandemic world requires an innovative digital platform that is secure, flexible, and designed to support business scaling. We are ready to help global employers meet their ambitions.

With this major new funding, we’re more prepared than ever to help multinational employers manage their payroll and scale into new markets in a fast, agile way. Talk to our team today.

 

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Using Payslip, we can manage all our payrolls across nine in-country vendors on one platform. When the global Covid-19 pandemic arose, it was not an issue from a payroll perspective, and critically getting everyone paid. The Payslip platform enabled continuity for our international payroll service including the fast and seamless implementation of the Payslip Employment Self Service during this time.

Colin Smith

Payroll Manager, LogMeIn

Payslip as a technology platform has added a missing piece in our payroll set-up. As an international company with offices in 16 countries, it’s important to us that every employee at GetYourGuide has the same great experience when accessing their pay data.

At the same time, we work well with smaller local payroll providers, supporting us with direct local expertise in their countries. We were able to combine those two elements by placing the Payslip platform in the middle, to simplify reporting and communication with local providers, and to have one simple employee-facing solution across all locations.

Julian Fichter

Head of HR, GetYourGuide

With business and employee growth rates of above 50%, we rely on our vendors to deliver on time, every time. Payslip’s workflow automation, enables Phorest to manage our payroll provider process – data driven, real time and transparent. Payslip saves us time so we can focus on our business growth.

Ana Kelly

International Payroll Manager, Phorest