Nmbr, Canada’s pioneering dedicated embedded payroll software provider, has announced the successful acquisition of CAD $7.6 million in seed funding. This investment aims to enhance the payroll ecosystem for businesses across Canada, enabling them to integrate payroll solutions seamlessly into their products in a fraction of the time traditionally required.
Streamlined Payroll Solutions
Unlike the lengthy development cycles associated with traditional payroll products, Nmbr allows companies to embed Canadian payroll solutions within their platforms in mere days or weeks. This innovation is set to create a new wave of modern payroll products tailored specifically for the Canadian market, significantly improving the payroll management experience for business owners nationwide.
The seed funding was provided by notable investors including Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital. With this financial backing, Nmbr plans to accelerate growth and product development, recently hiring experienced leaders from various sectors, including tech, finance, and fintech, to meet the rising demand for its offerings. Additionally, the company has onboarded RBCx as its banking partner.
Leadership and Vision
Founded by seasoned entrepreneurs Simon Bourgeois (CEO), Drew Millington (CRO), and Kevin Langlois (CTO), Nmbr’s embedded payroll platform simplifies the complexities involved in building payroll software.
Simon Bourgeois expressed gratitude for the support from investors, stating, “We’re incredibly grateful for our investors’ support and their confidence in our mission to empower businesses across the country with embedded payroll solutions. With these integrated systems already gaining traction in the U.S., we’re excited to extend these proven strategies to Canada. This funding will enable us to intensify our efforts and offer tailored solutions to our customers, in turn helping to deliver new innovative payroll solutions to Canadian business owners nationwide.”
Addressing Payroll Technology Gaps
Despite significant advancements in the payments industry over the last decade, payroll technology has lagged, leaving a gap in the efficient management of payroll for Canadian businesses. Nmbr aims to bridge this gap with its API-driven payroll solutions, allowing other companies to quickly launch their own payroll products. This innovative approach ensures efficiency, reliability, and risk mitigation for both employers and employees.
Jamie Rosenblatt of Golden Ventures highlighted the potential impact of Nmbr’s solutions, stating, “We invested in Nmbr because of the team’s deep industry experience and commitment to supporting businesses across Canada. Its implementation will be a game-changer for businesses of all sizes. We are confident that their solution will deliver substantial value to employers and drive efficiency across the board.”
Partnership with RBCx
RBCx, the technology and innovation arm of the Royal Bank of Canada, will serve as Nmbr’s banking partner, offering essential support during critical growth phases. Tony Barkett, Head of Banking at RBCx, commented, “RBCx is committed to providing tech entrepreneurs with a comprehensive suite of banking, advice, and platform solutions to help them scale their business and bring innovations to market. We’re proud to support Nmbr in their growth journey and look forward to seeing how they’ll deliver important payroll innovations to improve the lives of Canadian business owners.”
Client Commitment and Future Expansion
Nmbr’s inaugural client suite reflects its dedication to enabling a diverse range of technology and financial service companies to develop unique payroll solutions in Canada. These clients include industry leaders poised to integrate payroll functionalities with accounts payable/receivable automation, employee scheduling, construction management, e-commerce, employee benefits management, and more.
While Nmbr focuses on revolutionizing payroll within Canada, this seed funding positions the company to explore broader market opportunities, paving the way for future international expansion.
