Workpay, an Africa-focused cloud-based HR, payroll, and benefits platform, has secured $5 million in a Series A round, with Norrsken22 as the lead investor.
Visa, Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures, and Acadian Ventures, a venture firm focused on investing in the next generation of work technology, also participated in the round. This comes after Workpay’s $2.7 million pre-series A funding round in early 2023.
Workpay is a cloud-based payroll and HR SaaS platform that handles the whole employee and contractor journey, from onboarding to offboarding. Paul Kimani and Jackson Kibigo co-founded the company. Payroll processing, time tracking, leave administration, expense monitoring, performance management, employee benefits administration, and Employer of record (EOR) services are just a few of the features that are included. With more than 1000 firms from more than 20 African nations using the platform, it already has a strong basis. Its goal is to offer the financial services and perks of the future for employees.
Workpay is ideally positioned to assist businesses both on and off the continent in paying their staff legally and to give them access to critical financial services.
Paul Kimani, CEO of Workpay says, “Our goal is to become the go-to solution for employers and employees in managing HR, payroll, and work-related benefits. Our deep understanding of regulation across the African continent allows businesses working across multiple countries to manage payroll and tax using a single integrated platform. This raise will support Workpay to reach profitability, a huge milestone for our company.”
Workpay plans to utilize the funds raised to further its pan-African expansion and enhance its range of financial services offerings.
Read more on Tech Gist Africa:
Apollo Agriculture, a Kenyan agri-fintech startup, has raised $10 million in funding
Shemba Pride, an agritech startup based in Kenya, has raised $3.7 million in pre-Series A funding