Workpay, a Nairobi, Kenya-based HR payroll startup that offers HR management services, raised $2.7 million in pre-Series A funding to expand its operations across Africa.
The round was backed by Launch Africa, Saviu Ventures, Acadian Ventures, Proparco, Foundation Botnar, Kara Ventures, Axian, P1 Ventures, and Norrsken.
The funding will enable Workpay to improve its existing products and services, introduce new product lines, and expand into new markets across the continent.
WorkPay intends to enter almost double the number of markets it currently serves, intending to reach 40 African countries.
The company has built technology tools that enable its clients to remit salaries in local currencies across Africa and beyond through its partners. Its platform also offers an option to pay taxes and process employee benefits.
“As an employer, you are able to pay employees wherever they are, and in their preferred accounts — they don’t have to be forced to open accounts with specific banks just because the employer banks there — and file taxes too,” said Paul Kimani, co-founder, and CEO of WorkPay.
Company: Workpay Technologies, Inc.
Raised: $2.7M
Round: pre-Series A
Funding Month: February 2023
Lead Investors: Launch Africa, Saviu Ventures, Acadian Ventures, Proparco, Foundation Botnar, Kara Ventures, Axian, P1 Ventures, and Norrsken
Additional Investors:
Company Website: https://www.myworkpay.com/
Software Category: HR and Payroll Software
About the Company: Workpay is an end-to-end HR and payroll system offering time tracking, payroll management, Remote Teams Payroll (EOR), insurance, and payouts to banks and mobile money in Africa. Workpay’s core product is a Software-as-a-Service (SaaS) platform that enables businesses to manage and process employee leave, benefits, documents, payments, and payroll, and to pay their employees in a timely and compliant manner in different African countries. The company also provides Employer of Record (EoR) services across the continent, enabling global organizations to quickly and efficiently engage employees in any African country without the cost, risk, and hassle of incorporation, contracting, and tax filing. Workpay is on a mission to help organizations in Africa manage and pay employees easily, legally, and compliantly.
Source: https://techtrendske.co.ke/2023/02/22/kenyan-hr-payroll-startup-workpay-raises-2-7m-funding-to-scale-across-africa/