Success Stories

 pazaar

Industry:  Fintech

 

Payzaar (www.payzaar.com) was founded in 2016 by Marc-Oliver Fiedler & Trevor Townsend who had helped to build successful businesses in the Enterprise Software and Payroll/HR Services markets at ADP, Oracle, Hewlett-Packard and OneClickHR. The team recognized the rapidly increasing demand by multinational companies for integrated global payroll solutions to manage their local payroll operations more effectively. On the other hand, the team saw the fundamental flaws of the current solution model for customers: complete lock-in, inflexibility and high costs, often based on archaic technology and held together by an expensive labour services layer. The idea for Payzaar was born — a new, revolutionary approach to global payroll. The philosophy is simple: Allow customers to leverage what works (i.e. the existing local payroll expertise) and augment it with what is lacking (i.e. the integration and harmonization across the local payrolls).

The Challenge
Developing software, marketing and selling it internationally to blue chip clients requires a strategic plan and corresponding investment. The team at Payzaar had successfully developed a plan and raised significant investment from Angel investors. They then needed to convince Enterprise Ireland to invest in the business and leverage their original investment to become an Enterprise Ireland High Potential Start Up (HPSU).

The Solution
In 2018, Trevor engaged with South East BIC who worked with him on Payzaar’s strategy. The brief was straightforward, build a bullet-proof investor-ready business plan and supporting documentation to convince Enterprise Ireland that Payzaar was innovative, had the ability to scale internationally and support jobs and the local economy. The team at South East BIC worked intensively with Trevor & Marc over a four-month period.

The Outcome
In November 2018, Payzaar was approved by Enterprise Ireland as a HPSU and subsequently invested in their new and innovative software business. Payzaar has launched successfully internationally and in June 2019, Grant Thornton launched the Payzaar solution to its global client base.

“It was a pleasure working with South East BIC’s exceptional consultants who gave the Payzaar team incredible support while convincing Enterprise Ireland to come on board as an investor. They worked with our team to ensure we were investor-ready and nothing was a problem”

Trevor Townsend, Co-Founder Payzaar.

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