Traditionally, payroll service models are seen to be no longer serving complex payroll issues, and amid the pandemic, the global payroll delivery requires a digital platform that is secure, flexible, and designed to support business scaling. This is where Ireland-based Payslip looks to operate.
The company mentions in a statement that, “We know global employer organisations need a technology solution to manage their multi-country global payroll. We are ready to help global employers meet their ambitions.”
Payslip raises fresh funds
In a recent development, Payslip, the automation and integration technology platform for payroll management, announced that it has raised €8.3M in a new round of funding. With the current round, the company has now raised a total of €12M in funding to date.
In March 2020, the company had raised €2.7M in its Series A round led by Frontline Ventures. Prior to that, it was back in February 2018, that the company raised €1M in funding led by Frontline Ventures and AIB, while Tribal, Bloom Equity & Enterprise Ireland also participated.
Investors in this round
The fresh round was led by Middlegame Ventures. In addition, the investment also saw additional funding from Mouro Capital, Frontline Ventures, and Tribal VC.
Besides, well-known global payroll industry individuals also participated in the funding. These include David Clarke (former CTO of Workday), Brian Williams (co-founder of One Source Virtual), and Phil Chambers (CEO and co-founder of Peakon).
How will the funds be utilised?
According to Payslip, with this funding, it is prepared to help multinational employers manage their payroll and scale into new markets in a fast, agile way. The proceeds from this round will help the company to hire senior talents for the roles including engineering, sales, product, and customer success, as well as its team for its fintech projects.
In addition to that, the capital will also be used by Payslip to build a range of new platform features.
Speaking about the development, Payslip’s CEO & Founder, Fidelma McGuirk, says, “Covid has turbocharged international hiring, and country expansion-high growth tech native companies and large enterprises need smart working technology to standardise 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.”
She also adds, “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 multinational clients in the world.”
Delivering standardised global payroll for multinational employers
Founded in 2016 by Fidelma McGuirk, Payslip provides technology for global payroll management to multinational companies globally. The startup says it helps a wide variety of international companies meet their payroll challenges such as inadequate legacy systems, managing multiple payroll providers, over-reliance on manual processes, and a lack of visibility.
The startup’s goal is to revolutionise global payroll management using cloud-based technology. Payslip technology integrates with HCM & Accounting/ERP systems, automating payroll processes, standardising payroll data and consolidating payroll reporting. This helps companies to centrally manage their global payroll operations with visibility, control, and governance while scaling into new countries.
To create 150 jobs in Ireland and around the world
Payslip claims that it has recorded growth since the last round of funding in March 2020. And to help close the demand from its clients the company has big plans for the future which will require a bigger workforce. Hence, the company looks to hire 150 new members 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.
Varadkar says, “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.”
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