Salsa, a San Francisco, CA-based startup that allows software platforms to embed and launch payroll features inside their own products, raised $10M in funding.
The round was led by Greycroft, Better Tomorrow Ventures, and Definition with participation from Cambrian’s Rex Salisbury, and Forum Ventures. Additional investors in this round included Oz Alon (CEO, HoneyBook), Avlok Kohli (CEO, AngelList), Jess Mah (co-founder, inDinero), Daniel Simon (CEO, Coast), Kerry Wang (CEO, Searchlight), Russ Heddleston (co-founder, Docsend), Roger Lee (co-founder, Human Interest), Mengxi Lu (CEO, Kanmon), Alex Alpert.
The company intends to use the funds to further develop the product and grow the team.
Salsa provides a platform that enables developers to launch a payroll product. Customers are business management software platforms, neobanks, staffing agencies, and workforce management tools who want to offer a better payroll experience that’s more tailored to the markets they serve.
Salsa’s APIs can be embedded into platforms such as:
- A point-of-sale system at a local cafe
- A scheduling software a landscaper uses
- The booking platform at a hair salon
- A neobank that serves small businesses
- The freight management system a trucking company uses.
Currently, Salsa is available to software platforms serving both U.S. and Canadian businesses. The company takes a share of the revenue software companies earn from the payroll product to fulfill the operational side of running payroll.
FinSMEs
10/05/2023