Ireland-based Payslip announced a USD $10 million Series A round of venture capital for its global payroll solution. This brings its total raised to $14 million.
Global payroll is an underestimated challenge. Tax withholdings, local tax reporting and compliance, and internal operations and reporting stand out as challenges for those employers with a globally distributed workforce. And today, especially as we emerge from COVID, a globally distributed workforce isn’t exclusive to large employers.
Payroll is a saturated market, and the global payroll and compliance category is no exception. Payslip faces competition from solutions like Papaya Global, Velocity Global, and omnipresent. For larger employers, the market looks to solutions like Immedis which provides more of a touchless global payroll data solution integrated across the global HR tech stack while ensuring compliance.
$2.7 billion was invested globally in work tech during 2021 Q1 alone. Get our free report and analysis here.
Source: Payslip in major growth phase with additional €8.3 million in funding