Nmbr, Canada’s first dedicated embedded payroll software provider, announced CAD $7.6 million in seed funding to elevate the payroll ecosystem for businesses nationwide. Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital provided the funding.
Nmbr enables companies to embed Canadian payroll within their product in days or weeks, as opposed to the years of development for payroll products of the past. And Nmbr is also enabling a new wave of modern payroll products tailor-made for the Canadian market, improving the lives of business owners from coast to coast.
Nmbr will utilize the funding to accelerate the company’s growth and product development, recently hiring seasoned leaders from across tech, finance, and fintech ecosystems in Canada to help meet the demand for its products, and onboard RBCx as its banking partner.
Launched by long-time business partners and previous co-founders Simon Bourgeois (CEO), Drew Millington (CRO), and Kevin Langlois (CTO), Nmbr’s embedded payroll platform removes the complexity of building payroll software.
Nmbr is dedicated to closing this gap by offering innovative and API-driven payroll solutions that help other companies quickly launch their own payroll products. By doing this, Nmbr plans to help bring payroll closer to businesses that are already managing their operations, ensuring efficiency, reliability, and risk mitigation for employers and employees alike.
Nmbr’s first suite of clients underscores its commitment to enabling a diverse group of technology and financial service companies to help create unique and innovative payroll solutions in Canada. And they include several industry leaders who will be adding payroll alongside AP/AR automation, employee scheduling, construction management, e-commerce, employee benefits management, etc. While Nmbr is currently focused on transforming payroll in Canada, this seed funding will allow the company to explore broader market opportunities beyond Canada, setting the stage for future international expansion.
RBCx (the technology and innovation arm of Royal Bank of Canada) will be serving as Nmbr’s banking partner to provide support throughout the critical stages of its growth journey.
KEY QUOTES:
“We’re incredibly grateful for our investors’ support and their confidence in our mission to empower businesses across the country with embedded payroll solutions. With these integrated systems already gaining traction in the U.S., we’re excited to extend these proven strategies to Canada. This funding will enable us to intensify our efforts and offer tailored solutions to our customers, in turn helping to deliver new innovative payroll solutions to Canadian business owners nationwide.”
-Simon Bourgeois, Co-Founder and CEO of Nmbr
“We invested in Nmbr because of the team’s deep industry experience and commitment to supporting businesses across Canada. Its implementation will be a game-changer to businesses of all sizes. We’re seeing a massive shift in the way people work, and that doesn’t stop at payroll. We are confident that their solution will deliver substantial value to employers and drive efficiency across the board.”
-Jamie Rosenblatt at Golden Ventures
“RBCx is committed to providing tech entrepreneurs with a comprehensive suite of banking, advice, and platform solutions to help them scale their business and bring innovations to market. We’re proud to support Nmbr in their growth journey as their banking partner and look forward to seeing how they’ll deliver important payroll innovations to improve the lives of Canadian business owners.”
-Tony Barkett, Head of Banking, RBCx
