Payslip, an Ireland-based global payroll management software, and Fintech company, announced on Wednesday it secured a €1 million investment through its latest funding round, which was led by Frontline Ventures and AIB, with participation Technology Investors, Tribal, Bloom Equity and Enterprise Ireland.
Founded in 2016, Payslip stated it delivers innovative global payroll management software to multi-national enterprise clients. The company also enables multi-national Global Payroll Teams to manage all data and workflows, internally across functions and externally with payroll providers, on a centralized cloud platform, delivering increased GDPR data protection, consolidated reporting, transparent process and people performance management.
Payslip also reported that in preparation for the General Data Protection Regulation (GDPR), which comes into force on May 25th, 2018, the company has integrated Data Protection by Design in their overall software strategy, enabling employers to enhance their GDPR global payroll compliance materially and reduce corporate risk. While speaking on the investment, Payslip CEO and Founder, Fidelma McGuirk said,
“We are honoured to have the backing of top investors within the SaaS and digital innovation communities including Frontline Ventures backed by the AIB Discovery Fund, Enterprise Ireland, HBAN Bloom Equity and WxNW syndicates and Tribal. The investment in Payslip gives us additional resources to strategically expand the company through client acquisition, and to fuel team growth with 14 new hires forecast in 2018 at our headquarters in Westport, County Mayo. We have already initiated our search to fill positions including Chief Technology Officer, International Payroll, Operations and Sales Roles. Other planned recruitment is for software engineers and software integration specialists. We have exciting product development to deliver for our enterprise clients including integrations into Accounting & HR softwares such as SAP, Workday and Netsuite HR. Our Westport team will lead this innovation and implementation.”
AIB’s Head of Equity Investment Unit Ray Fitzpatrick also commented:
“We are delighted to back Payslip, and Fidelma through the AIB Discovery Programme. Payslip offers a unique global payroll management offering and the investment in Payslip will support its expansion and growth. Payslip is a strong example of a female-founded digital innovation in the West of Ireland, which aligns with AIB’s objectives for supporting diversity.”
Julie Sinnamon, CEO, Enterprise Ireland added:
“Payslip is one of 10 companies which received an investment from Enterprise Ireland in 2016 as part of the Fintech Competitive Start Fund. The company has gone on to build a disruptive product that has proven itself both at home and internationally, and addresses real customer needs in the payroll area, particularly with regard to GDPR. Enterprise Ireland will continue to support the global ambition of the Payslip team as it grows, bringing high quality FinTech jobs to the West of Ireland.”
Payslip plans to utilize the funds to continue company expansion through multi-national client acquisition, software integrations and to fuel team growth at their global headquarters in Westport, Co. Mayo.