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 from 29 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.”
John Phelan, all-island director, HBAN, said: “Payslip is a prime example of the innovation happening in the West of Ireland. Its consistent annual global growth is making it a market leader and this is now the second funding round that HBAN angels from the Bloom Equity syndicate have participated in, having first been part of a €1m funding round in 2018. Our angels bring both capital and experience in growing successful international businesses. Their knowledge will be extremely valuable in supporting Payslip as it takes the next steps in its exciting journey.”
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.
HBAN is a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, dedicated to the all-island promotion of business angel investment. The HBAN umbrella group supports the early stage entrepreneurial community across the island of Ireland and actively works to increase the number of angel investors investing in early stage companies. The all-island umbrella group works on a regional basis to support the formation of new angel networks and works with existing angel networks to develop their capability and capacity, and across a range of industry sectors. HBAN also acts as a voice to Government, stakeholders, business and the media to promote the interests and needs of the wider angel investment community. HBAN is managed by Dublin BIC in partnership with the regional Irish BICs in Cork, Galway & Waterford and with Clarendon Fund Managers in Northern Ireland. Further information is available at www.hban.org.
Press Contact: Aoife Flynn firstname.lastname@example.org Tel: 083 446 4834
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- The Irish Times (online), 12th March 2020 – Westport-headquartered start-up Payslip raises €2.7m