The SaaS-based HR and payroll software startup will use $700K to expand to other territories.
PayrollPanda, a SaaS-based HR and payroll software start-up company, has received $700,000 in seed funding from an undisclosed group of investors, including two family offices based in the UK and Saudi Arabia.
It is a mobile app that allows small and medium enterprises (SMEs) and HR managers to operate government-approved payroll systems. In addition to payroll management, the system also comes with free leave management and an employee database.
Toine Vaessen , co-founder and CEO, PayrollPanda, expressed confidence on achieving its target of 20,000 paying customers in Malaysia in five years. Vaessen shared that the funding will allow the
Company to enhance the product further and focus on HR automation from onboarding to time and attendance, claims and more. The Company is also contemplating doubling its current workforce, half of which works remotely and outside Malaysia. According to the startup, its solutions are used by over 1,000 SMEs from all types of industries, including hospitality, government, startups, factories and more.
PayrollPanda was founded in 2015, by Asim Qureshi, Fawad Akram andd Toine Vaessen.