Funding Boost for Nmbr to Revolutionize Payroll Solutions
Nmbr Secures CAD $7.6 Million to Innovate Payroll Solutions
Nmbr, Canada’s pioneering embedded payroll software provider, has recently secured CAD $7.6 million in seed funding. This investment is set to elevate the payroll ecosystem across the country, allowing businesses to integrate Canadian payroll solutions swiftly, within days rather than the lengthy development cycles typical of traditional systems. This innovative approach aims to improve the operational efficiency of businesses, enhancing the experience of business owners nationwide.
Funding to Accelerate Growth and Development
The funding comes from a consortium of investors including Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital. With this financial backing, Nmbr plans to accelerate its growth trajectory and expedite product development. To meet the increasing demand for embedded payroll solutions, Nmbr has strengthened its team by hiring experienced leaders from the tech, finance, and fintech sectors. Additionally, the partnership with RBCx as their banking partner will offer vital support during this critical phase.
Leadership Driving Embedded Payroll Innovation
Nmbr was co-founded by industry veterans Simon Bourgeois (CEO), Drew Millington (CRO), and Kevin Langlois (CTO). Together, they envision an embedded payroll platform that simplifies the complexities traditionally associated with developing payroll software. This vision is becoming a reality as they work towards creating a more accessible payroll solution tailored for the Canadian market.
Achievements and Future Prospects
Simon Bourgeois, Co-Founder and CEO of Nmbr, expressed gratitude towards the investors for their trust in the vision of Nmbr. He stated, “This funding will enable us to intensify our efforts and offer tailored solutions to our customers, delivering innovative payroll solutions to Canadian business owners.” With similar integrated systems already thriving in the United States, Nmbr is poised to adapt these strategies for the Canadian context.
Challenges Facing Payroll Technology Today
In recent years, the payments industry has experienced dramatic shifts, particularly with the emergence of businesses leveraging APIs to integrate payment and data functionalities into their services. Yet, the payroll technology landscape has lagged behind. Despite the substantial financial activity flowing through Canadian payrolls annually, companies often struggle to find agile payroll technology that meets their needs. Nmbr aims to bridge this gap by offering API-driven payroll solutions, empowering businesses to launch customized payroll products efficiently.
Expert Insights on the Payroll Shift
Jamie Rosenblatt from Golden Ventures highlighted the significance of Nmbr’s innovative approach, stating, “We invested in Nmbr because of the team’s deep industry experience and commitment to supporting businesses across Canada.” He believes that Nmbr’s solution will redefine payroll management for businesses of all scales.
Collaboration with RBCx
RBCx, the technology and innovation branch of the Royal Bank of Canada, is collaborating with Nmbr to facilitate its growth. Tony Barkett, Head of Banking at RBCx, expressed pride in this partnership, emphasizing the organization’s commitment to supporting tech entrepreneurs with essential banking solutions and strategic advice. This relationship will be instrumental in helping Nmbr commercialize its payroll innovations.
Client Base and Market Expansion
Nmbr’s initial client roster reflects its dedication to diverse technology and financial service companies looking to incorporate unique payroll solutions within their offerings. Clients span various sectors, enabling seamless integration of payroll with accounts payable and receivable, employee scheduling, and more. Though currently focused on transforming payroll in Canada, this funding may pave the way for potential international market exploration.
Frequently Asked Questions
What is Nmbr?
Nmbr is Canada’s first dedicated embedded payroll software provider, simplifying how businesses create and use payroll systems.
How much funding did Nmbr secure?
Nmbr secured CAD $7.6 million in seed funding to enhance its payroll solutions for businesses across Canada.
Who provided funding for Nmbr?
The funding came from several investors, including Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital.
What is the role of RBCx in this partnership?
RBCx serves as Nmbr’s banking partner, providing essential support to navigate the growth journey of the company.
What are Nmbr’s future plans?
Nmbr plans to expand its offerings beyond Canada and explore broader market opportunities while enhancing its embedded payroll products.
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