Wagepoint has secured a new $2 million financing round.
The Waterloo-based company makes payroll automation software that lets small businesses pay their employees quickly and easily while complying with any applicable tax laws. This latest funding round comes from TIMIA Capital.
Wagepoint has grown substantially since being founded three years ago, climbing to 4,000 customers and helping those employers pay 30,000 total employees. The new funding will help the company strengthen its core product and launch even more HR apps designed to make it easier for Canadian small businesses to look after their employees.
“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,” said 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.”
In terms of the large partners Wagepoint is working with now, the company recently unveiled integration with Intuit Canada to become part of Quickbooks Online. This access to the biggest producer of accounting software in the world will let Wagepoint grow its user base and spread awareness of its services to Quickbooks’ 150,000 Canadian subscribers.
Deals with companies including Ledgers and Operio have also helped Wagepoint grow their customer base.
With the new funding Wagepoint will also release a time and attendance tool as well as a leave management product they have been recently beta-testing.
Wagepoint is a graduate of Communitech’s HYPERDRIVE Cohort four, an accelerator the Waterloo tech organization retired in 2015. Wagepoint raised a prior $2 million round of financing in 2014.