Nmbr is a company dedicated to building embedded fintech products for Canada, starting with an industry-leading embedded payroll. Pulse 2.0 interviewed Nmbr CEO and co-founder Simon Bourgeois to learn more about the company.
Simon Bourgeois’ Background
What is Simon Bourgeois’ background? Bourgeois said:
“I started my career on Toronto’s Bay Street, diving into equity research while pursuing my CFA. But after a few years, I felt a real pull towards tech. I saw a world of opportunities to innovate and make a difference, which inspired me to launch my first company in 2013. Since then, I’ve been lucky enough to start several successful ventures, with Nmbr being the most recent.”
Formation Of Nmbr
How did the idea for the company come together? Bourgeois shared:
“The idea for Nmbr really sparked when my co-founders and I noticed a major gap in the payroll landscape in Canada. There were only a handful of companies in this space, and many were stuck using outdated processes that didn’t connect well with other software that businesses were using. As we dug deeper, it became clear that there was a strong need for modern, embedded payroll solutions. By the time we wrote our first line of code, we’d already generated a lot of buzz just through word of mouth – it was thrilling to see our vision resonate so quickly with others in the industry.”
Favorite Memory
What has been your favourite memory working for the company so far? Bourgeois reflected:
“Reflecting on my time at Nmbr, my favourite moment has to be any time spent with my co-founders, Drew and Kevin. We’ve been partners for over a decade. We’ve built three successful businesses together, so working alongside them for so long has been incredibly rewarding.”
Core Products
What are the company’s core products and features? Bourgeois explained:
“Nmbr is focused on revolutionizing payroll solutions in Canada. Our platform simplifies the process of building and maintaining payroll solutions, allowing businesses to launch new payroll products in just days or weeks rather than the months or years it used to take. We focus on delivering incredibly capable APIs and a set of front-end components that software developers can use to create payroll solutions tailored to fit their business and their client’s unique needs.”
Evolution Of Nmbr’s Technology
How has the company’s technology evolved since launching? Bourgeois noted:
“Since we launched, our technology has advanced significantly. We’ve continuously listened to user feedback to improve our infrastructure, expanding the API to support more business types and introducing front-end components that can speed up the overall development lifecycle for each payroll product. We’re committed to innovation and always look for ways to enhance the user experience.”
Significant Milestones
What have been some of the company’s most significant milestones? Bourgeois cited:
“Of course, one standout milestone for Nmbr was securing $7.6 million CAD in seed funding from some fantastic investors; Panache Ventures, and Golden Ventures. This funding has been a crucial moment for us, enabling us to accelerate our growth and product development. It’s a big vote of confidence from our investors, and we’re excited to use this investment to bring on experienced leaders in tech, finance, and fintech to help us meet the growing demand for our products.”
Funding
When asking Bourgeois about the company’s funding details, he revealed:
“While I can’t get into specific financial figures right now, I can share that the recent CAD $7.6 million seed funding is a crucial step for us. With this new capital, our primary focus will be strengthening our commitment to the Canadian market. We plan to invest in building robust infrastructure and developing top-tier products tailored to our customers’ needs. This includes hiring exceptional talent from leading Canadian companies to spearhead and support our product initiatives.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Bourgeois assessed:
“We’re focused on the Canadian payroll market, which is currently underserved and ready for innovation. With a limited number of providers and higher demand for modern solutions, we see an excellent opportunity to capture a significant market share. We aim to fill the gaps in existing offerings and become a leader in delivering integrated payroll solutions that genuinely meet the needs of Canadian businesses.”
Differentiation From The Competition
What differentiates the company from its competition? Bourgeois affirmed:
“Nmbr stands out because of our strong commitment to innovation and the unique embedded payroll experience we provide. Unlike traditional payroll providers, we create integrated solutions that let businesses launch their payroll products quickly. We aim to eliminate the complexities and inefficiencies that have long plagued the industry, positioning ourselves as partners in our client’s success rather than just another payroll vendor.”
Future Company Goals
What are some of the company’s future company goals? Bourgeois concluded:
“Looking ahead, we have ambitious plans! I’m excited about the journey ahead and the opportunity to deliver top-notch embedded payroll solutions to Canadian businesses. At this time, we’re committed to creating even more value for our clients and look forward to where that takes us in the future. And while we’re currently focused on building our Canadian offerings, international expansion is something we’re keen on – and our recent raise will certainly help us do so.”
