Irish remote working company in expansion mode

Web Summit: Boundless has seen demand for its products soars

Attendees at the Web Summit in Lisbon on Wednesday.

Attendees at the Web Summit in Lisbon on Wednesday.

 

Boundless, an Irish company that provides remote working compliance services, expects to be live in 45 countries by the end of next year as demand for its solutions continues to soar.

The start-up, which was founded by Dee Coakley, Emily Castles and Eamon Leonard in 2019, has been experiencing significant growth as working patterns continue to change as a result of the coronavirus pandemic.

Speaking to The Irish Times on the fringes of the Web Summit in Lisbon, Ms Coakley, the company’s chief executive, said revenues are up 445 per cent year-on-year.

Payroll

“By the end of this year we’ll be handling over €10 million in payroll for clients. We’re rapidly expanding beyond having just customers in the tech sector to having ones across differences industries with plenty more growth opportunities for us” she said.

Boundless is focused on removing barriers to allow teams to scale internationally, allowing companies to employ anyone, anywhere by handling multi-country payroll and compliance with local tax and employment regulations. The company is currently live in 18 countries with a further seven to be added before the end of 2021. It is also operational indirectly in a number of other jurisdictions through several of its clients.

“The great thing about our product is it is extremely sticky. Even if a client is having a bad few months they won’t cut payroll and we have virtually no employee churn. Once customers start using Boundless they tend to stick with us,” said Ms Coakley.

“At the moment our customers use us to help solve employment matters but over time we will be looking to diversify beyond this,” she added.

Boundless has raised €2.5 million in seed funding in an investment led by Ada Ventures and Fyrfly Venture Partners earlier this year. Ms Coakley said the company is now targeting a €10 million-plus Seed A round to help it scale further.

Demand

“We have seen huge demand from both new and existing companies seeking to adapt to the changes that were already happening but which have changed more quickly than expected because of Covid. We’re seeing customer expansion in terms of the number of countries they are moving into, the number of new employees being added, and increases in payroll value,” she said.

“We didn’t invent the idea of helping companies to solve payroll and compliance issues relating to multiple jurisdictions, and we are not the cheapest in terms of price points, but we have become known for our success in streamlining the experience for customers.

“While it has been tech companies who have led the way in having teams working remotely, companies in other sectors are now following suit and we expect to see growth as we help the with this,” Ms Coakley added.