Vancouver-based startup Paysavvy, which cut its teeth developing payroll applications, is rebranding as Rise.
CEO and co-founder Wisam Abdulla said the new name better reflects the tech firm’s growing emphasis on making a broader array of services available to clients.
“It’s not just a new name and a new rebrand, it’s actually a new path for us,” he told Business In Vancouver on Friday (February 5), the same day the company officially rebranded.
“While we’ll continue to offer the same services…it’s really a step in a new direction and that direction is really the people and culture side of things.”
So while Pavsavvy focused primarily on human resources services, Rise has developed a platform allowing clients to use different business-oriented applications from different developers.
For example, the platform would allow users to choose a preferred accounting app and a preferred payroll app that come from different parties.
“Back in the day we saw a trend where companies would go and build this massive piece of software that would have everything a company needs. But the problem is it didn’t do any of those things well,” Abdulla said.
“Companies should be choosing what works best for them but integrating under one platform. So we act as a central nervous system that will connect to all of the best things.”
He added clients would not be under any obligation to use Rise’s own apps for payroll services.
To that point, Abdulla noted Rise will be expanding to the U.S. but it has not developed a payroll solution for American clients.
“This is really about companies being able to choose best-in-breed solutions that works best for them,” said Abdulla, who served as chief operating officer before taking the CEO job as part of the rebrand.
“It’s absolutely going to be pick and choose.”
Serious talks about rebranding began last summer when the founders met with investors in San Francisco at C100’s 48 Hours in the Valley program.
The goal of C100, a non-profit tech advocacy group, is to accelerate growth of Canadian startups through networking events, investor meetings and mentorships.
“Going through that process, it’s almost like a boot camp for your company,” Abdulla said.
“They poke you everywhere and from that it really forces you to come out in a better position. And I think that’s when our vision really solidified.”
