Payslip to create more than 150 jobs after raising €8.3m from investors

Co Mayo-headquartered fintech company to expand after ‘phenomenal’ year of growth

Mayo-based payroll technology company, Payslip, has secured €8.3 million in investment and is to use the funding to create more than 150 jobs.

Chief executive Fidelma McGuirk told The Irish Times the fintech is looking to hire for a range of positions in Westport, where the company has its headquarters, and Dublin. Among the roles being advertised are software developers, integrations engineers, customer project managers, solution architects, tech support specialists, project managers and customer success managers.

Founded by Ms McGuirk in 2016, Payslip provides software that simplifies and reduces the costs of managing a global payroll for businesses with employees in multiple jurisdictions.

The company, whose customers include LogMeIn and Airbus, solves a range of payroll-related problems for clients, including data standardisation and automation, reporting and analytics, and compliance.

Ms McGuirk said more than 60 of the new roles are already being advertised, with the rest to be filled over the next year.

“We’ve had strong unsolicited candidates contact us in recent months who want to relocate from different parts of the world, many of whom are originally from the west. We would have a strong bias to try and have as many of the new jobs located in Westport as possible and we are in talks to set up additional office space to support them,” said Ms McGuirk.

“Previously a lot of people would have believed that you had to be somewhere like London to get an interesting fintech job but there is now an awareness that you can work anywhere,” she added.

Revenue rise

The new Series A extension round, which has been led by MiddleGame Ventures, comes on the back of the company raising €2.7 million from backers in March 2020. Since then Payslip has seen revenues rise 40 per cent, customer growth increase 25 per cent and headcount more than double.

Other participants in the latest funding round included Mouro Capital and Dublin-based Frontline Ventures and, both of which previously backed Payslip. A number of angel investors also participated, including David Clarke, former chief technology officer of Workday.

The latest financing brings total funding to date to €12.2 million.

Ms McGuirk said that after a “phenomenal year” for Payslip it was looking to attract larger companies as clients.

“To date we’ve been targeting mid-market companies that typically have over 3,000 employees across more than five countries. But we are looking at adding customers who are bigger over the next two years,” she said.

MiddleGame, which also participated in a $10.2 million (€8.4 million) funding round for Irish company Wayflyer last year, has close connections to the Irish State.

The investment firm, which has an office in Dublin, part-runs its NadiFin fintech accelerator out of the capital. Last year, it also received a €10 million investment from Enterprise Ireland to create a pool of funding of up to €20 million for Irish fintech companies.

"By removing friction and standardising data flows, Payslip enables greater customisation around enhanced services for employees," said Patrick Pinschmidt, general partner at MiddleGame Ventures, which led the financing.

“This flexible global payroll tech is unique in the marketplace and we are excited to help them create innovative, problem-solving solutions for global employers,” he added.

Charlie Taylor

Charlie Taylor

Charlie Taylor is a former Irish Times business journalist