Monday 22 October 2018

Leading tech investors commit €1m to fintech disrupter Payslip ahead of GDPR

L-R: Billy Hanley, Enterprise Ireland; Fidelma McGuirk, Founder & CEO, Payslip; Carolina Küng, Frontline Ventures; Aoife Kelly, Equity Investment, AIB
L-R: Billy Hanley, Enterprise Ireland; Fidelma McGuirk, Founder & CEO, Payslip; Carolina Küng, Frontline Ventures; Aoife Kelly, Equity Investment, AIB
Louise Kelly

Louise Kelly

Top investors within the digital innovation sphere have invested €1m in payroll software Payslip.

Frontline Ventures backed by the AIB Discovery Fund, Enterprise Ireland, HBAN Bloom Equity, Tribal and WxNW Syndicate committed the funds that are set to help the fintech disruptor expand.

Payslip CEO and Founder, Fidelma McGuirk said the investment "gives us additional resources to strategically expand the company through client acquisition, and to fuel team growth with 14 new hires forecast in 2018 at our headquarters in Westport, County Mayo".

Payslip's global management offering has recently been overhauled to integrate Data Protection by Design in their overall software strategy.

This development allows companies to enhance their GDPR global payroll compliance materially and reduce corporate risk - particularly relevant with the new rules coming into force this May.

"Payslip is a strong example of a female-founded digital innovation in the West of Ireland, which aligns with AIB’s objectives for supporting diversity," AIB’s Head of Equity Investment Unit Ray Fitzpatrick said.

Payslip are currently looking to fill positions including Chief Technology Officer, International Payroll, Operations and Sales Roles.

The company also plans to recruit software engineers and software integration specialists and they continue to develop their product. 

According to Julie Sinnamon, CEO, Enterprise Ireland said, Payslip is one of 10 companies which received an investment from Enterprise Ireland in 2016 as part of the Fintech Competitive Start Fund.

"The company has gone on to build a disruptive product that has proven itself both at home and internationally, and addresses real customer needs in the payroll area, particularly with regard to GDPR," she said.

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