PayrollPanda, a SaaS-based HR and payroll software startup in Malaysia, has secured US$700,000 in fresh seed funding from an undisclosed group on investors, including two family offices based in the UK and Saudi Arabia.
The Kuala Lumpur-headquartered company will use the funds to launch in other markets regionally. However, its main focus will remain to be Malaysia until at least early 2019.
“I am confident we will achieve our target of 20,000 paying customers in Malaysia in five years. We want to first make sure we nail Malaysia to hammer home our existing lead in the space here, before we look elsewhere,” said Toine Vaessen, Co-founder and CEO of PayrollPanda.
“It’s great to see Malaysian SMEs embrace cloud technology. Apart from saving time and ensuring statutory compliance we make payroll simple. The new funding allows us to further enhance the product and focus on HR automation from onboarding, to time and attendance, claims and more. We are looking to double our current team, half of whom work remotely and outside Malaysia to around 40 by the end of this year,” he added.
PayrollPanda is a mobile app that allows SMEs and HR managers to run government-approved payroll in just a few clicks. In addition to payroll management, its system also comes with free leave management and an employee database.
According to the startup, its solutions are used by over 1,000 SMEs from all types of industries, including hospitality, government, startups, factories and more.
PayrollPanda is part of LaunchPad, a tech venture builder that identifies and maximises tech-related opportunities across Southeast Asia.
Asim Qureshi, CEO of LaunchPad added: “Our revenues, number of customers, and growth rate are uncannily similar to New Zealand’s Xero soon after they IPO’d 11 years ago. That’s a great sign. This funding will keep us going until the end of the year before which we’ll be looking to raise again.”