PaymentEvolution
2024 Revenue
$5.8M
Customers
20K
Funding
$0
YOY
50.4%
Avg ACV
$291
Team
51
Founded
2008
How PaymentEvolution CEO Sam Vassa grew to $5.8M revenue and 20K customers in 2024.
PaymentEvolution is Canada's largest and most loved cloud payroll and payments service. Trusted by thousands of small and mid-sized businesses, PaymentEvolution makes processing payroll simple. Accountants, CPA firms and financial institutions rely on us for payroll expertise and services for their clientele. We're bringing innovation and simplicity back into the payroll market - from new ways to pay your employees to our open developer program. We're making it easier for you to process your payroll and give your employees a great experience with their payslips.Our payroll services were designed to be highly flexible and configurable - adaptable to your business requirements. Your data remains secure in our state-of-the-art hosting centers and our strict privacy policy keeps your information yours.PaymentEvolution is privately held and operates from Toronto, Ontario. Our founders have decades of experience in software development, the financial industry and delivering innovative soluti
Last updated
PaymentEvolution Revenue
In 2024, PaymentEvolution's revenue reached $5.8M. The company previously reported $3.9M in 2023. Since its launch in 2008, PaymentEvolution has shown consistent revenue growth.
| Year | Milestone | Quote |
|---|---|---|
| 2024 | PaymentEvolution Hit $5.8m revenue in October 2024 | |
| 2023 | PaymentEvolution Hit $3.9m revenue in October 2023 | |
| 2021 | PaymentEvolution Hit $2.7m revenue in April 2021 | |
| 2008 | Launched with $0 revenue |
PaymentEvolution Valuation, Funding Rounds
PaymentEvolution is a bootstrapped Financial Services Software startup. Founded in 2008, PaymentEvolution has grown to $5.8M in revenue without raising any venture capital or outside funding.
As a self-funded Financial Services Software SaaS company, PaymentEvolution has built its business with no outside investment.
| Year | Round | Amount | Valuation | % Sold | Quote |
|---|
Founder / CEO
Sam Vassa
CEO
Sam Vassa leads PaymentEvolution - Canada's largest and most loved cloud payroll and payment service for business. Sam founded the company with a team of technology and subject matter specialists and devised an award-winning solution that empowers small and medium businesses to manage their own payroll process. Previously, Sam led business development for the worldwide capital markets industry at Microsoft Corporation and was responsible for alliance relationships with Microsoft’s largest global partners. He was a channel manager at Digital Equipment Corp and served with the Canadian Department of Foreign Affairs and International Trade at their foreign missions worldwide. Sam is also a board member of Telecompute – a software development firm pioneering the use of portable database technology for vertical markets. He is also active in the emerging business market as an advisor and retained consultant.
Q&A
| Question | Answer |
|---|---|
| What's your age? | - |
| Favorite online tool? | - |
| Favorite book? | - |
| Favorite CEO? | - |
| Advice for 20 year old self | - |
Customers
PaymentEvolution serves 20K customers.
PaymentEvolution Employees & Team Size
PaymentEvolution employs approximately 51 people as of 2026, down from 54 in 2023, including 1 sales reps that carry a quota. It serves 20K customers that rely on its solutions.
| Year | Milestone |
|---|---|
| 2024 | Reached 51 employees (December 2024) |
| 2024 | Reached 54 employees (October 2024) |
| 2023 | Reached 54 employees (October 2023) |
| 2022 | Reached 49 employees (October 2022) |
| 2021 | Reached 45 employees (December 2021) |
| 2021 | Reached 32 employees (April 2021) |
Frequently Asked Questions about PaymentEvolution
What is PaymentEvolution's revenue?
PaymentEvolution generates an estimated $5.8M in annual revenue.
Who founded PaymentEvolution?
PaymentEvolution was founded by Sam Vassa.
Who is the CEO of PaymentEvolution?
The CEO of PaymentEvolution is Sam Vassa.
How much funding does PaymentEvolution have?
PaymentEvolution is bootstrapped and has not raised outside funding.
How many employees does PaymentEvolution have?
PaymentEvolution has 51 employees.
Where is PaymentEvolution headquarters?
PaymentEvolution is headquartered in Mississauga, Ontario, Canada.
Compare PaymentEvolution to the industry
PaymentEvolution operates across multiple industries. Browse revenue, funding, and growth data for PaymentEvolution in each sector below.
Data and Sources
All figures on this page are taken directly from interviews or are estimates from public sources and proprietary models. Not financial advice. Read full disclaimer.
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