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Salsa Raises $10 Million to Help Platforms Embed Payroll Features

Salsa announced the attraction of investment funds for $10 million.

Salsa Raises $10 Million to Help Platforms Embed Payroll Features

Source: Pixabay.com

The company intends to use the received funding to implement efforts designed to help software platforms implement payroll functions in their products.

Salsa Application Programming Interfaces (APIs) will provide businesses with the ability to process payroll within the same software platform they use to manage business and employees. The relevant information is contained in the Salsa press release.

John Kramer, CEO and co-founder of Salsa, stated that the reason why his company has not yet offered payroll tools as a product for integration into other firms’ systems is that such solutions have always been very difficult to create and maintain. He noted that the application programming interface is a highly efficient payroll mechanism. According to him, this tool can be fully launched within a month.

Salsa APIs can be embedded into various platforms that serve companies in the USA and Canada. The tools can be implemented in booking systems, neobanks, points of sale, transportation planning, and management systems. In this case, developers will have another way to generate income and will provide their customers with a universal solution.

According to the information contained in the press release, the Salsa funding round was led by Greycroft, Better Tomorrow Ventures, and Definition.

Greycroft partner Will Shcherbyak says that Salsa has identified and eliminated a gap in the fintech industry by creating an effective method of integrating payroll into platforms that are already used by enterprises.

In April, Santander Bank N.A. and DailyPay announced the establishment of a partnership to offer demand payment. As a result of this interaction of financial institutions, clients of Santander commercial banks in the United States can provide their employees with instant access to salaries as they receive them.

Also in April, the Credit Union Service Organization (CUSO) Dora Financial launched a salary payment system for companies with independent contractors and employees.

 

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.