Workpay, a Kenya-based cloud-based HR and payroll solution provider, has raised 2.7 million dollars in a Pre-Series A fundraising round to grow its HR, payroll, compliance, and benefits capabilities across Africa.
Using tools that let its clients pay salaries in local currencies across Africa and outside the continent through the startup’s partners, file taxes, and handle employee benefits, the company offers payroll and HRM services for small and medium-sized businesses (SMBs).
Launch Africa Ventures, Saviu Ventures, Acadian Ventures, Proparco, Fondation Botnar, Kara Ventures, Norrsken, and Axian, along with P1 Ventures, an existing investor, have provided the company with US$2.7 million in pre-Series A funding. The company had previously raised US$2.1 million in seed funding in late-2021.
Read also: Palm.hr Secures $5 Million for Africa Expansion
RelatedPosts
Workpay new funding
This recent Pre-Series A funding round raised will enable Workpay to improve its existing products and services, introduce new product lines, as well as expand into new markets across the continent. In tandem, the funding will also bolster the company’s mission of empowering businesses to manage and pay their employees across Africa, regardless of location.
Paul Kimani, CEO and co-founder of Workpay said “With this new funding, we will continue expanding across Africa while still meeting the unique needs of HR and payroll. Our solution does this. Payroll is a crucial component of the payments value chain that enables us to build additional solutions on top of it”.
According to Thomas Otter, general partner at Acadian Ventures, Workpay is developing a top-notch product that will specifically address the payroll and human resources needs of Sub-Saharan Africa. “The addressable market in the region is rapidly expanding, and HR and payroll systems provide the framework for fair and accurate pay. Solutions like Workpay can have a positive effect on businesses and society when combined with improvements in mobile payments” he added.
Following its inception in 2019 by Paul Kimani and Jackson Kungu, the startup has established a strong presence in the African region, providing HR solutions to over 600 businesses in over 20 African countries, including Nigeria. Furthermore, the firm continues to expand its offerings by releasing new product lines in sync with the remote work trend.
Workpay is an excellent service that provides its customers with state-of-the-art time tracking and scheduling solutions that integrate seamlessly with existing HR and payroll systems to facilitate great communication, save cost, and speed up processing times. The cutting-edge cloud-based solution offered by the startup makes it easier than ever for companies to keep track of time and attendance, make quick and informed decisions, streamline operations, and develop businesses.
How to Open a Verified PayPal Account in Nigeria for Free (Updated)
Things to know about Workpay
Workpay payment system is flexible, allowing for the determination of hourly, weekly, monthly or semimonthly pay runs over all of Africa. The payroll system takes into account all statutory deductions (PAYE, NSSF, NHIF, NITA), allowances, deductions, employee loans, salary advances, paid leaves, etc., to ensure full compliance with all applicable laws and regulations.
In addition, Workpay’s workflow certification and approval process have two levels such as supporting bulk email and payslip printing and giving employees access to their payslips through Workpay android/iOS app’s employee self-service (ESS) portal.