PayrollPanda Sdn Bhd (PayrollPanda), a human resources and payroll software provider targeted at Malaysian small and medium enterprises (SMEs), today (26 June 2018) announced it has raised a further US$700,000 or RM2.8 million in seed funding. (US$1 = RM4.0).
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 PayrollPanda 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 embrace cloud technology. Apart from saving time and ensuring statutory compliance, we make payroll simple.