WATERLOO, ON, Dec. 18, 2017 /CNW/ - Wagepoint Inc., makers of payroll automation software that lets small businesses pay their employees quickly and easily while complying with the associated tax laws, has just closed $2 million in revenue financing investment with TIMIA Capital Corporation.
"Wagepoint has doubled its subscriber base every year since launching in 2013. This past year, we've found ourselves in the fortunate position of working with some large-scale partners that will have a significant impact on our growth," says Wagepoint CEO, Shrad Rao. "As a young startup, we need all the help we can get to scale our business. That's where the support from TIMIA comes in to help further fuel our growth ambitions."
Recently, Wagepoint has signed deals with several large cloud-focused accounting firms, like Ledgers (based out of Ontario) and Operio (a division of Raymond Chabot Grant Thornton based out of Quebec). Additionally, there's the recently launched QuickBooks Advanced Payroll powered by Wagepoint (QBOAP) — a comprehensive payroll processing solution in partnership with Intuit Canada. QBOAP is built directly into QuickBooks Online, Canada's number one online accounting software — giving small businesses a faster, effortless way to stay compliant with CRA payroll regulations, including automated tax payments and filings or automatically filing year-end forms.
"We have known Shrad and his Wagepoint team since the very beginning of their entrepreneurial journey in the Communitech incubator," adds Andrew Abouchar, TIMIA's VP of Underwriting. "Our capital infusion aligns with the existing stakeholders' goals by supporting this company as it onboards new customers and drives its average revenue per customer higher. We are excited to be investing in a scrappy management team that is punching above its weight class — with aggressive and credible plans to accelerate its revenue growth."
Wagepoint is one example of a growing number of financial technology (FinTech) tools that are now more accessible to small businesses because they are subscription-based software-as-a-service (SaaS) applications.
With the funding from TIMIA, Wagepoint plans to focus on further strengthening its core product and launching more human resource (HR) apps designed to make it easier for small businesses across Canada to manage employees. Wagepoint has been beta testing a time and attendance tool and a leave management product that are both fully integrated with the payroll software and have been well received by subscribers.
About Wagepoint Inc.
Wagepoint helps 4,000 small business across Canada and the United States pay 30,000 employees — all with one easy, cloud-based format featuring an interface purposefully designed to pass the "my-grandma-could-use-it" sniff test. For more information on how Wagepoint makes payroll simple, fast and friendly, visit www.wagepoint.com.
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides revenue financing to technology companies in exchange for payments tied to revenue and bonus payments upon exiting the investments. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com.
SOURCE Wagepoint Inc.
For further information: Michelle Mire, Media Relations, Wagepoint, at (226) 820-6128 or [email protected].; Melissa Durrell, President, Durrell Communications, at (519) 500-4408 or [email protected].