TORONTO: Nmbr, Canada’s first dedicated embedded payroll software provider, announced CAD $7.6 million in seed funding to elevate the payroll ecosystem for businesses nationwide.
Nmbr offers companies the ability to embed Canadian payroll within their product in days or weeks, as opposed to the years of development for payroll products of the past. In doing so, Nmbr is enabling a new wave of modern payroll products tailor-made for the Canadian market, improving the lives of business owners from coast to coast.
The funding was provided by Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital. Nmbr will use the funding to accelerate the company’s growth and product development, recently hiring seasoned leaders from across tech, finance, and fintech ecosystems in Canada to help meet the demand for its products, and onboard RBCx as its banking partner.
Founded by long-time business partners and previous co-founders, Simon Bourgeois (CEO), Drew Millington (CRO), and Kevin Langlois (CTO), Nmbr’s embedded payroll platform removes the complexity of building payroll software.
“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,” said Simon Bourgeois, Co-Founder and CEO of Nmbr.
“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.”
The payments industry has seen significant changes over the past decade, including the rise of new businesses that focus on APIs to embed payment and data features into their products. However, when it comes to paying the people who work for those businesses, things haven’t kept up. Despite billions of dollars flowing through Canadian payrolls yearly, payroll technology has lagged.
Nmbr is dedicated to closing this gap by providing innovative, API-driven payroll solutions that help other companies quickly launch their own payroll products. By doing this, Nmbr aims to help bring payroll closer to businesses that are already managing their operations, ensuring efficiency, reliability, and risk mitigation for employers and employees alike.
“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 to businesses of all sizes,” said Jamie Rosenblatt at Golden Ventures.
“We’re seeing a massive shift in the way people work, and that doesn’t stop at payroll. We are confident that their solution will deliver substantial value to employers and drive efficiency across the board.”
RBCx, the technology and innovation arm of Royal Bank of Canada, will serve as Nmbr’s banking partner to provide support throughout the critical stages of its growth journey.
“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,” says Tony Barkett, Head of Banking, RBCx.
“We’re proud to support Nmbr in their growth journey as their banking partner and look forward to seeing how they’ll deliver important payroll innovations to improve the lives of Canadian business owners.”