Salsa raises $10m to enhance payroll system
By Delisha Fernandes
Salsa, a startup that enables software platforms to embed and launch payroll features, announced that it had raised $10 million in funding to modernise the way workers get paid.
Salsa enables developers to easily add a revenue-generating payroll solution inside their software products to offer their customers an all-in-one experience managing their business and employees.
Salsa takes the complexity out of payroll for these platforms by handling all of the compliance, calculations, tax filing, and money movement so that software applications can focus on inventing a better payroll product experience for business owners.
“We’re making it simple to build a payroll product for the first time, and this will create a proliferation of better choices for businesses: modern tools that fit the needs of today’s workers. This hasn’t happened yet because payroll products have always been tough to build and maintain. With Salsa, any developer can imagine a better payroll experience and launch it a month later,” said John Kramer, CEO and co-founder of Salsa.
“Payroll is one of the biggest pain points small businesses face, and we believe in an integrated approach. The products built on Salsa were easy to launch and were much better than the status quo. John, Juan and the team are the perfect folks to build this business,” said Sheel Mohnot, co-founder of Better Tomorrow Ventures.
The funding round was led by Greycroft, Better Tomorrow Ventures, and Definition, with participation from Cambrian’s Rex Salisbury and Forum Ventures. The investment will further develop the product and grow the team.
Currently, Salsa is available to software platforms serving both US and Canadian businesses. Salsa takes a share of the revenue software companies earn from the payroll product to fulfil the operational side of running payroll.
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