Nmbr, the first firm to provide embedded payroll software in Canada, has raised CAD $7.6 million in seed funding with a focus on making better payroll easier for businesses across the country. Backing the investment were Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital along with other venture funds. The fund will allow Nmbr to make modern payroll products develop faster with the capacity of companies in a hassle-free manner, to launch payroll offerings.
Nmbr has already shortened development of its existing payability product to mere days or weeks. In contrast, conventional payroll solutions take years to develop. This innovation will allow for a new generation of payroll products specifically designed for the needs of the Canadian market and advances operating efficiency for businesses in this country.
In order to fuel this expansion, the company has just hired leadership from technology, finance, and fintech as well as established a banking partnership with RBCx. It was co-founded by Simon Bourgeois (CEO), Drew Millington (CRO), and Kevin Langlois (CTO), who have all worked together in other business ventures.
“We are highly thankful for the investment and trust our investors have shown in our mission to empower businesses across the country with embedded payroll solutions,” Simon Bourgeois said. “With the momentum of integrated systems gaining pace in the United States, we look forward to translating those success stories into our field in Canada. The funding will allow us to further step up our activity and personalize our offering to our customers, and introduce innovative payroll options to Canadian business owners.”.
While the industry has thrived on the payments side, it remains a far cry on the payroll side. Despite the net flow of billions of dollars across Canadian payroll systems annually, the industry hasn’t kept pace. Nmbr is looking to fill this gap by offering a particular solution in the form of API-driven payroll solutions that can enable businesses to get going with their payroll offerings on an expedited basis while improving efficiency and reliability and risk management for both employers and employees.