PayrollPanda raises seed round of RM2.8 million

KUALA LU M P U R : Payrol lPanda Sdn Bhd ( Payrol lPanda), a human resources and payroll software provider targeted at Malaysian small and medium enterprises (SMEs), today announced it has raised a further US$ 700,000 or RM2.8 mi l l ion in seed funding.

Most of the investment came from two family offices based in the United Kingdom and Saudi Arabia, the company said in a statement.

It said Payrol lPanda is planning future launches in regional markets but it will remain focused in Malaysia until at least early 2019.

Co- founder cum chief executive officer of PayrollPanda, Toine Vaessen, said he was confident of achieving a target of 20,000 customers in Malaysia in five years.

“It’s great to see Malaysian SMEs emb r a c e cl oud 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 & attendance, claims and more,”

It’s great to see Malaysian SMEs embrace cloud technology. Apart from saving time and ensuring statutory compliance, we make payroll simple. Toine Vaessen, Co-founder cum chief executive officer of PayrollPanda

he said.

Vaessen added that the company is looking to double its current team to around 40 personnel by the end of this year.

Meanwhile, vice president of g r owt h ec o s y s t em development for Malaysia Digital Economy Corporation ( MDEC), Norhizam Kadir, said: “We are excited to see PayrollPanda’s traction which affirms that Malaysia hosts great entrepreneurs who are the backbone of the startup ecosystem.

“MDEC is commit ted to cont i nue bui ld i n g t he Malaysian ecosystem by putting the right infrastructure, regulat ions and business network for startups and venture builders to leverage on.” — Bernama