Payslip in major growth phase with additional €8.3 million in funding
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
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.
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:
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
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.
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.
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.
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.
International Payroll Manager, Phorest