B2B Payments

Namely Payroll’s Big Payday

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When it comes to payroll, payday is the most important day. This week, one payroll software company is celebrating thanks to its own payday.

Namely, which provides payroll and HR solutions, announced on Tuesday (Feb. 23) $30 million in venture capital raised from Sequoia Capital and other backers, including Matrix Partners, True Ventures and Greenspring Associates.

“Namely frees people from the shackles of back-office HR administration and enables them to become strategic drivers of employee culture and engagement, which are the foundation on which great companies are built,” said Sequoia Partner Pat Grady in a statement announcing the funding. “Namely’s growth is a reflection of its maniacal focus on customer success.”

According to reports, Namely secured the backing following last June’s Series C funding round, meaning the firm has now raised a total of $107.8 million.

In addition to the new $30 million, Namely also revealed other milestones, including the statistic that it now processes more than $2.5 billion in payroll every year for its clients. The company launched four years ago and has since doubled its client base, Namely said in its announcement.

The venture capital will be used to invest in its core services for payroll and HR tools, which are geared towards mid-market businesses and designed to maintain regulatory compliance and ease friction in employee data management.

“The amount of regulatory complexity facing HR has grown tremendously in the last year, and we expect the trend to continue in 2016,” said Namely CEO and Founder Matt Straz in a statement.

Additionally, the company also announced a new office location in Austin, Texas, which will house a sales team, while Namely simultaneously continues to expand its operations at existing locations in New York and San Francisco.

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