Y-Combinator-backed Workpay, an HR and payroll startup has raised $5 million in a Series A round with Visa as a backer.
Details
The round was led by pan-African venture capital firm Norrsken22 with new participation from Visa and Plug n Play as well as a bunch of re-ups from current investors: Y Combinator, Saviu Ventures, Axian, Verod-Kepple Africa Ventures, and Acadian Ventures.
What They’re Saying
“The shift in customer needs has pushed us to expand our product from being a solid payroll solution to offering a more full-stack HR service. We’ve also noticed an opportunity to layer financial services on top of our HR offerings,” said Paul Kimani, CEO and co-founder of Workpay.
“Since companies already use us to pay their employees, we can now provide added services like medical and vehicle insurance and even partner with providers for lending, savings, and investment options. This way, we offer a more comprehensive solution that meets the broader needs of our customers and their employees.”
What Happens Next
Workpay will use the new funding to expand its financial services offering (exploring new products to enhance how employers and employees interact with salaries), advance its performance management tools with AI to improve how businesses manage their teams, and continue to grow its workforce.
By The Numbers
The company reportedly has nearly 500 businesses on its platform and now serves more than 1,000 customers across 20 African countries.
Source: TechCrunch
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