This is the 3rd part of our series on the HR Tech World Startup Competition powered by Cornerstone. Faye Holland, our MC for the startup expo, writes about the 5 finalists (and 10 runners-up) who will compete for a sponsorship package during HR Tech World Amsterdam. Purchase your tickets to the show here.
Another finalist in the HR Tech World Startup Competition, Payzaar is developing the first open marketplace for global payroll. Think Uber or Airbnb, but for Payroll. Payzaar connects customers with local payroll service providers transparently and easily, to enable them to manage their array of distributed local payroll solutions in a seamless and integrated manner. Marc-Oliver, CEO of Payzaar, tells me what makes Payzaar different from other global payroll solutions is its openness and flexibility. It can connect with and integrate any local payroll solution, giving clients complete choice and lowering implementation time, cost and risk.
Getting into the spirit of things, Marc-Oliver says they applied for the HR Tech World Startup Competition because it would be fun to see how they stack up against other innovative start-ups. But beyond that, Payzaar is also attending the conference to meet clients, partners, analysts and potential investors. Events like HR Tech World help them keep a finger on the pulse of the industry and expose their idea to an international, broad audience.
One of the perplexing issues of payroll is overcoming individual country legal and regulatory issues. Payzaar recognises this in its HR Tech solution and combats it by working with the most knowledgeable local partners to provide clients with expertise in the individual areas. Payzaar captures, tracks and reveals compliance requirements for their local partners identify and manage. Additionally, having learnt about clients’ needs and expectations during the sales process, Payzaar offers online support with videos and FAQs, phone and email support, as well as onsite help if needed.
Even before clients used Payzaar, Marc-Oliver and the team had accessibility in mind. From the outset, Payzaar was built to operate in multiple countries, languages and currencies, so it can already be extended to any country. Even the API framework was built to make integration easier.
When asked about innovation Marc-Oliver explained; to Payzaar, innovation is taking something the market is already familiar with and combining it with a disruptive business model that creates significant benefits for the client that removes the pains of the existing models. Payzaar does this with multi-country payroll by saving clients from the costs associated with traditional payroll systems and spares them the inconvenience of ripping out existing systems to replace them, all while giving them a view of their global compliance obligations, payroll data and operations.
Company size: N/A
Key customers: TomTom, Booking.com
Target industries: All industries with multinational activities (in particular tech, ecommerce, industrial goods, automotive, retail)
What function within HR is your product designed for: Payroll, HR, Finance, Compliance
Marc-Oliver Fiedler has been pioneering SaaS-based business models and technology solutions for over 10 years, in Silicon Valley and Europe. Prior to launching Payzaar, he held a variety of senior leadership roles at ADP, Oracle, Hewlett-Packard, and BCG. He earned an MBA from Stanford University.
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