Cadana, a payroll services provider catering to emerging markets, has recently secured a $7.1 million seed funding round.
The $7.1 million seed funding round was led by Costanoa Ventures with participation from Better Tomorrow Ventures and 500 Startups.
About Cadana
Since its inception in 2021, Cadana has been on a mission to address the unique challenges faced by workers in emerging markets, particularly those related to payment delays and high remittance fees.
Cadana’s approach is centered around its robust API and white-label products, which enable businesses to seamlessly integrate payments and payroll management into their existing systems.
This integration is crucial for workers in over 32 emerging markets, including Brazil, Ghana, Nigeria, Pakistan, and the UAE, as it facilitates easier access to global job opportunities and ensures timely and fair compensation.
Some of Cadana’s other features include real-time payments with fees under $3; and options for workers to invest in USD-denominated assets like stocks.
Why This Matters
The company’s co-founder and CEO, Albert Owusu-Asare, highlighted the impact of Cadana’s solutions, noting that workers often support an average of five family members and previously faced up to a week’s delay in receiving payments, incurring significant remittance fees in the process.
Cadana’s infrastructure aims to alleviate these burdens by integrating local payments, compliance, and benefits systems to better serve customers and meet their needs.
With more than $150 million in transactions processed for its clients to date and a customer base that has grown threefold in the last year, Cadana is well-positioned to capitalize on this new influx of capital.
What Happens Next
The funding will enable the company to further develop its technology, expand its reach, and continue providing tailored solutions to businesses facing the complexities of local employment laws and payroll systems.
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
