[Kenyan] Payroll startup WorkPay raises $2.7M funding to scale across Africa
WorkPay, a Kenyan HR management startup launched in 2019 has raised $2.7M to scale its operations across Africa.
The full-stack HR payroll company has seen tremendous growth over the last couple of years and now intends to reach nearly 40 countries in Africa, almost double its current market.
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.
The current funding round was led was backed by Launch Africa, Saviu Ventures, Acadian Ventures, Proparco, Foundation Botnar, Kara Ventures, Axian, P1 Ventures, and Norrsken. In 2020, the YC-backed startup raised $2.1 million in seed funding.
“On the tech side, we have integrated with nearly everyone who is processing payments to allow us to send money to as many countries in Africa as possible. Non-tech means we have established a presence in these countries, and have partners that allow us to be compliant, which is very important,” Kimani elaborated.
The HR-tech market is rapidly gaining movement across the world, giving companies such as WorkPay a huge opportunity to scale up. This industry is expected to hit a $14.31 billion by the end of the decade.
“We are building a marketplace, and bringing in other players that can serve employers and employees on our platform,” Kimani said.