A major win for Westport-based payroll software company Payslip as new jobs are on the way.
Global payroll management software company Payslip has today (28 February) announced a €1m investment, led by Frontline Ventures and AIB, and leading tech investors Tribal, Bloom Equity and Enterprise Ireland.
CEO and founder of Payslip, Fidelma McGuirk, said the team was “honoured to have the backing of top investors within the SaaS and digital innovation communities”, adding that the investment would give the company “additional resources to strategically expand the company through client acquisition and to fuel team growth”.
She added that 14 new hires are forecast for 2018 at the Payslip headquarters in Westport, Co Mayo.
Recruitment process has already begun
McGuirk said that Payslip has already begun searching to fill positions including chief technology officer as well as roles in international payroll, sales, operations, software engineering and integration.
Payslip also has some product development innovation to implement, including integrations into accounting and HR software such as SAP, Workday and NetSuite HR.
AIB’s head of equity investment, 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.”
Julie Sinnamon, CEO of Enterprise Ireland, said: “Payslip is one of 10 companies which received an investment from Enterprise Ireland in 2016 as part of the Fintech Competitive Start Fund.”
Sinnamon praised the company for going 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.”
Focusing on GDPR
Payslip recently integrated data protection by design into its overall software strategy to allow employers to enhance their payroll compliance ahead of GDPR, reducing corporate risk.
In an interview with Siliconrepublic.com last year, McGuirk said the idea for Payslip came from her own experiences in business: “I’ve suffered the pain of what our clients are suffering.
“Being fintech gives you the opportunity to take something that is an essential process, make it smart, make it easier to use, put a really nice UX together to make it friendly to use for the payroll, HR and finance staff, and deliver for a key process.”