PayrollPanda, a SaaS-based HR and payroll software startup company has raised US$700,000 in seed funding from an undisclosed group of investors, including two family offices based in the UK and Saudi Arabia.
PayrollPanda is a mobile app that allows Small to Medium Enterprises (SMEs) and HR managers to operate government-approved payroll. In addition to payroll management, the system also comes with free leave management and an employee database.
According to the startup, they have clients over 1,000 SMEs from industries, including hospitality, government, startups, factories and more. With this fresh funding, the company will plan to expand in other markets regionally. However, its primary focus will remain to be Malaysia until at least early 2019.
Toine Vaessen, Co-founder, and CEO of PayrollPanda shares in media, “I am confident we will achieve our target of 20,000 paying customers in Malaysia in five years. We want first to make sure we nail Malaysia to hammer home our current lead in the space here before we look elsewhere." He further shared the new funding allows us to enhance the product further and focus on HR automation from onboarding to time and attendance, claims and more. The company is also contemplating to double its current workforce, half of whom work remotely and outside Malaysia.
PayrollPanda was founded in 2015 by Asim Qureshi, Fawad Akram, Toine Vaessen, Toine Vaessen.