Payslip gets €1.5m boost from venture capital backers in AI tech push

Payslip, the Co Mayo-based payroll technology company, has raised €1.5m in a funding round as it looks to enhance its artificial intelligence offering.

The investment for the Westport-headquartered company, founded by entrepreneur Fidelma McGuirk in 2016, was a follow-on round from previous backers, including Irish-based venture capital firms Frontline Ventures and Tribal.VC.

Payslip has also recently appointed new members to its board. These include David Clarke, the former chief technology officer at HR technology company Workday, and Barry Dowling, co-founder of global payments company Transfermate.

The new directors were appointed as Frontline VC switched out its boardroom representative, Will Prendergast. Former Facebook Ireland MD Sonia Flynn also stood down from the board as her term had ended.

Payslip CEO McGuirk said the appointments reflected the “maturity” of its deployment across clients and the “continued growth of our proposition end-to-end from HR to payments for our customers”.

She added that the €1.5m funding for Payslip was “dedicated to enhance our Workday Platinum Innovation Partnership”.

Company has also appointed new members to its board

The funding would also help to improve its AI technology, with a plan to deliver “market-unique business insights from Payslip’s standardised global payroll data to our customers”.

Payslip also said it had grown by 60pc in the year, helping it increase its global team by 20pc.

In February, the Business Post reported that Payslip had secured a partnership with professional services giant Deloitte.

The report said the company expected its annual recurring revenue to reach €15m over the next 18 months.

Reporting on:independent.ie