Google Capital is reported to be the major investor in ZenPayroll’s series B round of venture funding. ZenPayroll has announced that it has received $60M in funding in their latest round. Analysts believe that this Series B round of funding puts ZenPayroll’s valuation in excess of a half a billion dollars.
ZenPayroll is a SaaS app for businesses that allows them to easily do their payroll for their employees online. ZenPayroll’s mission is to give businesses more transparency in the payroll process. ZenPayroll goes toe-to-toe with established players in this industry such as ADP, Intuit and Paychex.
Why Is ZenPayroll Gaining Popularity?
One of the biggest draws to ZenPayroll’s platform is its ease of use. A business can rapidly input new employees into the system. ZenPayroll’s software helps you use job title templates and other tools to rapidly build out new employees.
When a new hire is first on-boarded, they will need to setup the personal details of their employee profile such as their tax and direct deposit information. This information is securely stored in the cloud. Companies who have a bonus payment for employees can easily select an employee and enter the bonus amount to be directly deposited into their account.
Payroll: You Have to Get It Right
The IRS claims that nearly one third of all businesses get fined for doing payroll improperly. ZenPayroll helps SMBs get past the common pitfalls of those who use traditional payroll services by automating much of the process by using the cloud.
ZenPayroll’s massive $60M investment from Google Capital and others will help the cloud payroll SaaS provider continue to make gains in a competitive market. Sources report that ZenPayroll’s revenue has risen nearly 1,000% since last year.
ZenPayroll’s numbers show that it processes a billion dollars a year in payroll payments for the 10,000+ small to medium sized businesses that they serve. ZenPayroll’s plans start at $25 per month with an additional fee of $4 per employee per month.