Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Nmbr Raises CAD $7.6M for Embedded Payroll in Canada
Funding Announcement | Sep 24, 2024
Image: Freepik
Nmbr Secures $7.6 million Seed Funding to Embed and Simplify Payroll Solutions for Canadian Businesses
Canada's first specialized embedded payroll software provider, Nmbr, announced seed funding of CAD $7.6 million to transform embedded payroll solutions for Canadian businesses. Funds will be used to expedite development of it's API-based payroll solution to help companies to customize their own payroll solutions in weeks instead of years, improving operational efficiency and customer retention. Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital led the round, while RBCx served as a strategic banking partner.
Jamie Rosenblatt of Golden Ventures:
“We invested in Nmbr because of the team’s deep industry expertise and their dedication to supporting businesses across Canada. Their solution is a game-changer for businesses of all sizes. We believe Nmbr will deliver substantial value to employers while driving efficiency and innovation in the payroll sector.”
The Power of Embedded Payroll Automation
Developed by Simon Bourgeois (CEO), Drew Millington (CRO), and Kevin Langlois (CTO), Nmbr's integrated payroll platform gives Canadian companies an easy way to include payroll features into their daily operations. This option significantly reduces the complexity, time and costs needed to develop customized payroll infrastructure from scratch.
Various research studies show that traditional payroll systems are often overly manual, inefficient, and prone to errors that can cost firms up to 30% in processing time. Nmbr's integrated payroll solutions can improve the overall experience of employees who can access their pay stubs, tax information, and benefits at any time using a self-service portal and mobile access, promoting transparency, openness and employee participation.
See: Embedded Finance: Banking Meets the Customer
Automated payroll solutions can save 50% of processing time by helping companies reduce tax compliance risks and cut admin costs with automated tax filings, real time updates on changing tax laws, and best practice procedures. This avoids costly penalties and lost productivity, and aims for a smoother, error free payroll run.
Simon Bourgeois, Co-founder and CEO:
"We’re incredibly grateful to our investors for their support and belief in our mission to empower Canadian businesses with embedded payroll solutions. We’ve seen these systems thrive in the U.S., and we’re excited to bring this proven model to Canada."
Looking Ahead
Nmbr's initial clients are from various sectors, such as financial services and technology where their goal is to include payroll features directly into products like employee benefits administration, AP/AR automation, and scheduling.
See: 12 Market Entry Approaches for Fintech Startups
The embedded payroll model has demonstrated its effectiveness in the United States, and the Canadian market is ripe for similar advancements.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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