Paybix secures 1.75 Million Seed Round
Translation of an article published by De Tijd in Dutch.
'Swift of payroll' raises nearly 3 million in one year
Paybix, a Flemish startup that developed a platform for international payroll, raises 1.75 million euros in growth funding. The funding follows a round of 1.2 million a year ago.
Three former colleagues - Bart Slaets, Rudi De Roeck and Hans Joris - want to use Paybix to simplify payroll administration for internationally active companies. They developed a platform that connects with local payroll systems. It provides an overview of payroll and employment data across all countries.
Through the system, international payroll data can also be entered centrally. Today, this is often a time-consuming task involving sending e-mails with all kinds of attachments to the various national payroll processors. The system also speeds up the preparation of reports on international payroll data.
The three founders describe their solution as the "Swift of international payroll," a reference to the Swift banking system used to transmit payment instructions internationally. Like Swift, Paybix, which until now has focused on Europe, now wants to operate globally.
The three founders describe their solution as the "Swift of international payroll," a reference to the Swift banking system that allows international transfer of payment instructions. Like Swift, Paybix, which until now has focused on Europe, now wants to operate globally.
These plans called for fresh capital. A group of some 30 investors, including a dozen newcomers, pumped 1.75 million euros of capital into the young company. Just over a year ago, Paybix raised 875,000 euros in capital, supplemented by 325,000 euros from the Flemish Agency for Innovation and Entrepreneurship (Vlaio). The company says it did not want to raise too much money at an early stage to avoid too much dilution.
CEO Hans Joris says he wants to invest the money in marketing and sales, but also in expanding and broadening the tool. 'Among other things, we want to integrate AI features into our platform and further expand our Employee Self Service, in which employees can already request leave digitally.' Among other things, the new AI features should help provide faster answers to users' questions about local wage laws.
Paybix targets medium and large companies with local offices up to some 500 employees per country. 'We also offer our platform to local payroll players, who can resell it to their international customers as a reseller,' says Joris. Customers pay a monthly fee per connected person.
Do you want to discover our platform or do you want to discuss how Paybix can help you streamline your international payroll operations, then reach out to Hans Joris on hans.joris@paybix.eu or request a free demo here.
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