Payroll Management Platform Payslip Adds $10M To Series A

Payslip, a global payroll management platform, has added $10 million to its Series A funding round to address payroll technology gaps magnified by the global shift to remote work.

What Happened: In a move that brings Payslip’s total financing to $14.5 million, MiddleGame Ventures led a new $10-million round with participation from Mouro Capital; Frontline Ventures; Tribal.vc; investors David Clarke, former CTO of Workday; Brian Williams, co-counder of One Source Virtual; and Phil Chambers, CEO and co-founder of Peakon.

The development comes as Payslip grew its revenues by 40% and quarterly customer growth by 25%. With added funds, Payslip said it will be further empowered to help multinational organizations solve payroll pain points such as data standardization and automation, reporting and analytics, as well as compliance and operational efficiency.

Why It Matters: The pandemic validated the need for dynamic payroll management solutions.

“The pandemic brought sweeping changes to employee compensation in 2020, with stay-at-home orders catching businesses across the globe technologically unprepared for a shift to remote work. As companies continue to embrace a remote work model, it’s critical they move away from outdated payroll systems, which create an unstable environment for sharing sensitive payroll information,” said Fidelma McGuirk, Payslip founder and CEO. “Payslip’s global payroll management technology enables multinational companies to automate payroll processes and standardize their own payroll data, helping companies to centrally manage and maintain full control of all global payroll operations, which is especially important when you have a distributed workforce.”

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