Toronto-based Paidiem Payment Solutions, a provider of end-to-end solutions for the contingent workforce ecosystem, has raised seed financing. No financial terms were disclosed. The round was led by GreenSky Capital, through GreenSky Accelerator Fund IV, with participation from NevCaut Ventures and angel investors, including members of the GreenSky President’s Club.
Toronto, Ontario–(Newsfile Corp. – May 10, 2022) – Paidiem Payment Solutions Inc. (Paidiem, or the “Company”), an emerging leader in end-to-end solutions for the contingent workforce ecosystem, proudly announces that it has closed an oversubscribed seed financing round. The investment was led by GreenSky Capital Inc., through the GreenSky Accelerator Fund IV, with participation from NevCaut Ventures and strategic angel investors, including members of the GreenSky President’s Club.
The Company, with customers across Canada and the U.S., plans to expand its customer base and double its current workforce in the coming year. In addition to hiring talent to support its growth, Paidiem will also enhance its existing offerings and develop new products and services.
“This round of financing advances Paidiem’s mission to provide employers who hire contingent workers with leading edge technology and financial solutions to best attract, manage and retain their top talent,” CEO and founder, Richard Cromie said. “As the workforce accelerates towards ‘on-demand’ employment, attracting and retaining contingent labour is more important now than ever. This round of funding allows us to expand our on-demand payment and financing options for both the employers and their workforce.”
As part of the seed financing announcement, Paidiem is also pleased to announce a new credit partnership that provides the Company with access to over $100 million to support its customers’ financing needs. The credit facility will accelerate Paidiem’s growth by providing “income on-demand” for contingent workers and revenue-based financing alternatives for their staffing agency employers.
“We are thrilled to be an early investor in Paidiem,” added Greg Stewart, Managing Partner at GreenSky Capital. “By combining a best-in-class SaaS platform with innovative financial solutions, Paidiem is tackling several pain points simultaneously. Richard has assembled a top-notch team that knows the market they are selling into backwards and forwards.”
Paidiem wishes to thank and acknowledge the continued support of its partners, including L-SPARK, Berkeley SkyDeck, RBCx, Communitech and the Business Development Bank of Canada.
Paidiem is currently hiring for several positions that are based in North America, but which have the flexibility to be performed remotely. Please visit the Company’s website at Paidiem.com/careers for details.
Founded in 2019, Paidiem is a Toronto-based tech company focused on providing enterprise SaaS and financial solutions, including earned wage access and working capital solutions, for the contingent workforce ecosystem.
ABOUT GREENSKY CAPITAL INC.
GreenSky Capital Inc. is an award-winning Toronto-based firm that makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, II, III and IV. Our principals bring a combination of experience in technology, entrepreneurship, law and finance to high-growth potential companies and dedicated entrepreneurs. Learn more about GreenSky at greenskycapital.com.