Global payroll technology company Payslip has secured an additional €8.3m in a Series A financing round which will enable the company expand and create 150 new jobs.
Payslip founder Fidelma McGuirk was on holidays in Westport, Co Mayo, when she decided to set up the company there.
"We were living in Dublin and holidaying regularly in Westport and decided that we would like to live in the West of Ireland so we relocated and I founded Payslip in 2016."
Payslip is used by dozens of multinational companies throughout various industries, and customers include LogMeIn, Get Your Guide, Cloudera and Airbus.
The cloud based platform is hosted on AWS and has strong cyber security controls in place.
"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," Ms McGuirk said.
The company is looking to hire extensively in Ireland, especially in Westport and Dublin, and recruit software developers, integrations engineers, customer project managers, solution architects, tech support specialists, FinTech project managers and customer success managers, among many others, to drive the business forward and serve its growing international client base.
MiddleGame Ventures led the round, with additional participation from Mouro Capital, Frontline Ventures, Tribal.vc, investors David Clarke, former CTO of Workday; Brian Williams - co-founder of One Source Virtual; and Phil Chambers, CEO and co-founder of Peakon.
This extension round follows a record year of growth for Payslip since its last financing in March 2020, which saw a nearly 100% increase in employee headcount, 40% revenue growth, and 25% quarterly customer growth.
The investment will allow Payslip to continue helping customers solve a range of payroll-related pain points, including lack of data standardisation and automation, reporting and analytics, compliance and payroll operational efficiency.
It will also facilitate the ability to grow a business by scaling into new countries and markets seamlessly.
"The pandemic brought sweeping changes to payroll management models as many global payroll teams were working from home and had to support colleagues in other countries," Ms McGuirk said.
"Payslip was chosen by both high growth tech native companies, who seek smart technology to manage their mission critical business processes, as well as large enterprises who are going digital.
"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."
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar welcomed the jobs announcement.
"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," Mr Varadkar said.
