Salsa, a rising FinTech star aiming to revolutionise payroll systems, has successfully raised $10m in a recent funding round.
The startup offers software platforms the ability to seamlessly embed payroll features into their own products, creating an integrated and streamlined experience for customers.
This funding was led by Greycroft, Better Tomorrow Ventures, and Definition, with participation from a wide array of investors. These include Cambrian’s Rex Salisbury, Forum Ventures, and notable founders from various industries such as Oz Alon (CEO, HoneyBook), Avlok Kohli (CEO, AngelList), and Jess Mah (co-founder, inDinero) among others.
Salsa’s innovative approach enables software platforms to integrate a revenue-generating payroll solution within their own products. This offers customers an all-inclusive platform for managing their businesses and employees. Salsa’s APIs can be integrated into various software applications, serving industries ranging from local cafes to small businesses neobanks and trucking companies’ freight management systems.
The new funding will be channelled into further product development and team expansion. Salsa’s vision is to eliminate the complexity of payroll for software platforms, handling all aspects of compliance, calculations, tax filing, and money movement. This allows software applications to focus on creating an improved payroll product experience for business owners.
The Salsa team, comprising of experts in financial software and led by former executives from HoneyBook and Intuit’s QuickBooks Payroll, has already achieved significant milestones. Over the past two years, they have been building a payroll infrastructure designed for the future of work, offering a more accessible solution for developers.
Salsa CEO and co-founder John Kramer said, “We’re making it simple to build a payroll product for the first time. This will create a proliferation of better choices for businesses: modern tools that fit the needs of today’s workers. With Salsa, any developer can imagine a better payroll experience and launch it a month later.”
Investors have shown faith in Salsa’s unique approach, believing it can revolutionise the largely unchanged business software stack. Will Szczerbiak, Partner at Greycroft, praised Salsa’s innovative solution, stating that the team is “redefining the way companies can do business.”
Currently, Salsa’s services are available to software platforms catering to both U.S. and Canadian businesses. Revenue is generated by taking a share of the profits software companies earn from the payroll product.
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