Nice Kick to It
Salsa, a startup fixed to help software companies spice up their payroll solutions, just secured $10 million in funding.
The raise was led by Greycroft, Better Tomorrow Ventures, and Definition. It also featured a number of individual investors, including AngelList CEO Avlok Kohli, HoneyBook CEO Oz Alon, and DocSend co-founder Russ Heddleston.
Salsa isn’t jumping into the crowded field of payroll platforms, saturated with the likes of ADP (ADP), Intuit Quickbooks (INTU), and Gusto. Instead, it helps developers sprinkle payroll solutions into their own platforms with a simple flick of the wrist.
Mild or Spicy?
Building an in-house payroll tool can cost companies significant money and time. Also, to hear Salsa CEO John Kramer tell it, it’s a plain pain. Kramer, former COO of HoneyBook, says companies “hate running payroll” due to the complexity of existing tools on the market.
Meanwhile, Salsa’s highly-customizable solution can be served quickly and easily diced up depending on a client’s tastes. It also takes compliance, calculations, tax filing, and money movement off the client’s plate. Plus, Salsa is spicing up software platforms by letting them develop their own creations.
And, if you think those analogies were excessive, that’s nothing next to how Kramer himself describes Salsa. “Payroll is a complicated dance we are making easier,” the CEO says. “One of the things we learned when we go on company outings to make Salsa, is that there are so many different recipes for making it, that whatever your recipe is, is the right one.”
Salsa’s secret sauce has been a hit so far. The company is on track to generate 400% year-over-year revenue growth by the end of 2023.
Currently, its primary clientele consists of business management software platforms, neobanks, staffing agencies, and workforce management companies.
If Salsa makes a successful transition from cult classic to mass production, it could make it easier for any company to offer its own custom payroll solutions — and, by extension, for you to get paid.
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