San Francisco based Zenpayroll, who provides cloud-based payroll services to businesses has raised series B funding of $60 million. The funding round was led by Google Capital, participation was also made by Emergence Capital Partners and Ribbit Capital along with existing investors General Catalyst, Kleiner Perkins Caufield & Byers, and Google Ventures.
As of now, ZenPayroll mainly serves the small business market that would otherwise need to process payments and direct deposits manually. The new funds will allow ZenPayroll to take on medium to large scale businesses and directly compete with Paychex and ADP who dominate the big businesses segment.
ZenPayroll also intends to increase its employee headcount up to 300 employees by the year end, which stands at 95 as of now.
The company was found in 2012 by Edward Kim, Tomer London and Joshua Reeves. This round of funding brings the startup’s total financing to $86.1 million, with an estimated market value of $560 million as per a TechCrunch report.