Payslip €2.7m investment perfectly timed to solve Covid19 remote work management
Automation & Integration technology company raises €2.7m funding
Today, Payslip announces a €2.7 million Series A investment, led by Frontline Ventures. While the funding round was secured for Payslip’s ambitious 2020 business growth, the timing is excellent due to phenomenal new client interest arising from Covid19 work from home requirement.
Payslip delivers automation and integration technology for global payroll management to multi-national employers. Already implemented in 60+ countries, Payslip is used by leading global tech employers LogMeIn, Teamwork, AMCS Group and GetYourGuide to centrally manage their geo dispersed global payroll teams and vendors.
With increased requirement globally to provide for staff absence and Covid19 self-containment, global employers are turning to Payslip technology to manage their global payroll centrally and provide flexibility to switch work across their team – whether working remotely or at home.
Independent of Covid19 growth spurt, Payslip is experiencing rapid growth and have ambitious plans to accelerate client acquisition across Europe and the U.S. They focus on high growth multi-national companies who want to enter new markets quickly and streamline their global payroll operations.
Payslip technology is designed to integrate with global employer eco-systems and deliver standardized global payroll, helping employers manage diverse vendor, compliance and integration needs at a global consolidated level. This investment further strengthens Payslip’s position to make large market gains and grow their international client base. Staff numbers across the EU & US are expected to climb to 94 by the end of 2022.
Speaking on the investment, Payslip CEO and Founder, Fidelma McGuirk said
“We are excited by this Series A funding from our investment partners. Payslip Global Payroll platform has already become a critical technology, enabling our clients’ business growth, we see this as they expand year on year. Our plan is to be the automation and integration technology partner of choice for global payroll management among multi-national employers with a techled and digital growth mindset. This Series A funding will enable us to scale our team and have increased market impact.
With Covid19 sharpening employer minds, Payslip’s role as Global Payroll Business Continuity Technology has become clear. It’s a great opportunity for global employers to standardize global payroll to ensure future efficiency and scalability, as well as immediate business continuity.”
While this funding round was oversubscribed, Payslip chose to continue its partnership with current investors who have already seen and believe in the business critical role Payslip has in the global payroll market. Led by Frontline Ventures, the funding round included participation by HBAN Bloom Equity, Tribal VC and Enterprise Ireland HPSU.
Payslip provides Automation & Integration technology that delivers standardized Global Payroll Management to multinational employers. Payslip technology integrates with HCM & Accounting/ERP systems: automating payroll processes, standardizing payroll data and consolidating payroll reporting. Companies can centrally manage their global payroll operations with visibility, control and governance while scaling easily into new countries.
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
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