Payslip, an Irish payroll automation startup whose U.S. headquarters is in Providence, has raised 2.7 million euros—the equivalent of about $2.9 million U.S. dollars—in an oversubscribed Series A funding round.
The round was led by Frontline Ventures, an early-stage B2B venture capital firm based in Dublin. HBAN Bloom Equity, Tribal VC and Enterprise Ireland HPSU also participated in the round.
Payslip's technology is designed to allow multinational employers to automate and integrate global payroll management. The startup's clientele includes LogMeIn, Teamwork, AMCS Group and GetYourGuide. Payslip says its technology is used in more than 60 countries.
In a press release, Payslip CEO and founder Fidelma McGuirk noted that as more employees work remotely due to the spread of COVID-19, the respiratory illness caused by the novel coronavirus, Payslip has seen "phenomenal new client interest."
"With COVID-19 sharpening employer minds, Payslip's role as global payroll business continuity technology has become clear," she said. "It's a great opportunity for global employers to standardize global payroll to ensure future efficiency and scalability, as well as immediate business continuity."
Payslip plans to use the new funding to build its client base internationally, particularly targeting high-growth multinational corporations. Payslip will also hire new employees, growing its team to 94 by the end of 2022.
