Global payroll software provider Payslip has collected a €1m investment led by Frontline Ventures and AIB.
Other participants to the round include Tribal, Bloom Equity & Enterprise Ireland.
Ireland-based Payslip offers payroll management software to help finance teams manage their data and workflows, internally. The system automates payroll and pay-run setups, compiles all payroll information in real-time, reporting, and vendor network management.
Through the solution, the company’s staff can also access an employee portal which enables expense management and claims, pay and tax information, and electronic payslips, among other tools. Payslip, offers GDPR compliance support via personal data management and protection.
In preparation for GDPR’s launch on May 28th, Payslip has integrated ‘Data Protection by Design’ to its platform, which enables users to enhance payroll compliance and lower risk.
This capital injection will enable Payslip to strategically expand through multi-national client acquisitions, as well as hiring 14 more staff to its Ireland-based office.
AIB head of equity investment unit Ray Fitzpatrick said, “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.”
Last year, Frontline ventures led the $750,000 investment in to mobile banking platform Countingup. The UK-based company offers small businesses with a current account, as well as tools for accounting and VAT returns.
Last year, the payroll/HR sub-sector of infrastructure and enterprise software picked up $457m in funding. North American-based companies dominated the sector, receiving 55 per cent of the invested equity.
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