A leading automation and integration technology platform for global payroll management, Payslip, recently announced securing an additional €8.3 million in a fundraising round, bringing the tech giant’s total financing to €12 million. The proceeds from the funding will allow Payslip to hire more talent across multiple departments for 150 positions.
The funding was led by Luxembourg-based venture capital firm MiddleGame Ventures, with participation from Frontline Ventures and Tribal.vc. This rapid extension round follows Payslip’s record year of growth ever since its last financing in March 2020 which witnessed an almost 100% increase in employee headcount, 40% increase in revenue growth, and 25% quarterly customer growth.
Payroll is a renowned cloud-based platform that aims to make payroll management easier for multinational organisations. It has dozens of multi-national customers like LogMeIn, Airbus, Get Your Guide, and Cloudera. The Mayo-based fintech company will be hiring for roles like software developers, integration engineers, project managers, solution architects, tech support specialists, and customer success managers, among many others to drive the business forward.
The new job roles will be in both Dublin and Westport to serve the company’s growing international client base. The new hires will take the firm’s staffing to almost 200 over the next 18 months.
This investment empowers Payslip to continue helping MNCs solve a range of payroll-related pain points, including lack of data standardization and automation, reporting and analytics, compliance and payroll operational efficiency and facilitates the ability to grow a business by scaling into new markets seamlessly.
Welcoming the announcement on Midwest Radio, Leo Varadkar, TD, Tánaiste and Minister for Enterprise, Trade and Employment, said: “The pandemic has brought terrible harm and terrible damage on Irish businesses.” He further added: “But some sectors have done well, and the tech sector is one of those and it has been a real bonus for Ireland that the tech sector is so strong.”
Fidelma McGuirk, founder and CEO of Payslip, added, “We are creating a lot of new positions across engineering, customer success and project management. With Team Payslip based in Westport, they can have a great life by the mountains and sea, while delivering cutting edge technology to the best multinational clients in the world.”
Stating that Payslip has doubled in its size in the last year, she said: “Where we would have targeted mid-market companies with about 3,000 people, now we have companies coming in with 44,000 people in 35 countries, or 150,000 people in like 70 countries.”
Hosted on AWS, the cloud-based platform has strong cyber security controls in place. Ms McGuirk said, “We are certified by ISO to the top level for cyber security and data protection. It is a topic that is front and centre in how we design our technology, and we ensure that it is as safe as possible for our customers’ data.”