This round was oversubscribed and led by Altos Ventures, with participation from existing investors SemperVirens, Greycroft, Definition, and Better Tomorrow Ventures. With this latest funding, Salsa has now raised a total of USD 30 million.
Salsa has stated that the company simplified the process of launching and managing payroll. This means it provides speed, enabling partners to enter the market more quickly, and flexibility by addressing edge cases and real-world complexities. Furthermore, it offers support that extends beyond just documentation and Slack channels.
According to the company data, since its seed round, Salsa has experienced over 10 times growth year-over-year. Its partnerships now include platforms that cater to workers in healthcare, personal services, and small and medium-sized businesses. Salsa provides payroll solutions for workers across all 50 US states and Canada through a single API that serves both markets. In addition to its core API infrastructure, Salsa offers a suite of user interface components designed to facilitate the rapid deployment of embedded payroll features within vertical SaaS platforms. This comprehensive approach enables software providers to manage complex payroll tasks, including compliance, tax filings, and payments, without the need for extensive in-house expertise.
This new funding round enables the company to achieve important milestones by investing in AI and automation to alleviate the operational burdens faced by its partners. The company plans to expand its team to provide better support for its growing partner network and increase its flexibility and vertical depth to accommodate a wider range of edge cases, payment models, and business requirements.
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