Westport-based start-up Payslip raises €2.7m

Co Mayo-based fintech start-up Payslip, which is led by former Taxback chief executive Fidelma McGuirk, has raised a further €2.7 million.

With it headquarters in Westport, the company provides software that simplifies and reduces the costs of managing a global payroll for businesses with employees in multiple jurisdictions. Clients include LogMeIn, Teamwork and AMCS Group.

Led by Frontline Ventures, the Series A funding round, which was oversubscribed, included participation by HBAN Bloom Equity, Tribal VC and Enterprise Ireland. The company secured €1 million in a seed round from the same backers two years ago.

Payslip said it had seen significant new interest from companies in its solutions, which were tied to the need for employees to work from home due to the spread of the coronavirus that causes the illness, Covid-19.

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It said it intended to use the new financing to take on more employees and to accelerate client acquisition across Europe and the US.

“We are excited by this Series A funding from our investment partners. Payslip Global Payroll platform has already become a critical technology, enabling our clients’ business growth, we see this as they expand year on year,” said Ms McGuirk.

“Our plan is to be the automation and integration technology partner of choice for global payroll management among multinational employers with a tech-led and digital growth mindset. This Series A funding will enable us to scale our team and have increased market impact,” she added.