Backed by leading venture funds, the funding will propel Nmbr’s vision to simplify the process of building modern payroll products in Canada, helping companies launch payroll offerings to increase revenue and customer retention.
TORONTO, September 24, 2024–(BUSINESS WIRE)–Nmbr, Canada’s first dedicated embedded payroll software provider, announces 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.”
Nmbr’s first suite of clients underscores its commitment to enabling a diverse group of technology and financial service companies to help create unique and innovative payroll solutions in Canada. They include several industry leaders who will be adding payroll alongside AP/AR automation, employee scheduling, construction management, e-commerce, employee benefits management, and more. While Nmbr is currently focused on revolutionizing payroll in Canada, this seed funding will allow the company to explore broader market opportunities beyond Canada, setting the stage for future international expansion.
To learn more about Nmbr, visit: https://www.nmbr.co/.
About NMBR
Nmbr is Canada’s first dedicated embedded payroll software provider, designed to simplify how businesses build and launch their own payroll software. Founded by co-founders and seasoned industry experts, Simon Bourgeois, Drew Millington, and Kevin Langlois, Nmbr simplifies the complexities of building payroll systems by offering APIs and embeddable front-end components that eliminate the challenge of building payroll software— while significantly reducing ongoing administrative burden and costs. For more information, visit https://www.nmbr.co/.
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