The boss of a North West FinTech has said the business is ‘primed’ for growth after the most eventful year in the firm’s history.
Cheadle Hulme-based payroll and accounting SaaS solutions provider My Digital has celebrated its 10th anniversary by announcing record-breaking turnover.
The last 12 months has seen Daniel Moss succeed John Whelan as CEO and an exit for Maven Capital Partners following a private management buyout.
Whelan took the usual step of taking out an institutional investment with private money – via a personal re-mortgage – to own 51 per cent of My Digital again.
In April, the tech firm launched a new software solution called My Digital Payroll, specifically for contractor payroll companies looking to expand into the payroll bureau space.
Moss, who will have been CEO for a year in September, described it as ‘game-changing’ and said it had allowed My Digital to win twice as many customers as they’d targeted.
He told BusinessCloud: “The launch of My Digital Payroll has opened up several new markets and will hopefully springboard our growth from the low double digits to between 20-30 per cent. It’s a massive opportunity and very exciting.
“It’s only been three months since we launched My Digital Payroll but it couldn’t have gone any better as we’ve already attracted twice as many customers as we were expecting.”
With the UK’s payroll bureau sector servicing nearly 12 million permanent employees, it presents a significant growth opportunity for umbrella firms currently focused on the 660,000-strong contractor market.
My Digital Payroll allows contractor payroll firms to run both umbrella and bureau payroll operations within the same intuitive platform.
My Digital employs 80 people across its twin sites in Cheshire and India and was included in both BusinessCloud’s FinTech 50 ranking and the Greater Manchester Rising Stars of Business list for 2025.
In its last set of accounts, the FinTech grew turnover to £3.1m, with EBITDA up 30 per cent to £844,742 and customer numbers up 17 per cent.
Moss said: “The launch of My Digital Payroll marks the next step in our growth strategy. We’re on track to grow turnover to £3.5m this year.”
The board has previously said it’s considering acquisitions as part of its growth strategy.