Workpay, a human resources and payroll provider supported by Y Combinator, has raised $2.7 million in funding to expand its operations in Africa. The investment will be used to scale the platform’s services and support the growing demand for digital HR solutions in the continent.
Workpay is a cloud-based platform that provides HR and payroll services to small and medium-sized businesses in Africa. The platform enables companies to manage employee information, payroll, benefits, and compliance in a single, easy-to-use system. Workpay’s technology is designed to help businesses automate their HR and payroll processes, reduce administrative work, and improve data accuracy.
The funding round was led by Blue Haven Ventures, a venture capital firm that invests in companies focused on social impact. Other investors in the round include Tencent, Future Africa, Kepple Africa Ventures, and Musha Ventures. The new funding brings Workpay’s total funding to date to $3.4 million.
With this new investment, Workpay plans to expand its services across Africa, including Kenya, Uganda, Rwanda, Tanzania, and Nigeria. The platform aims to help small and medium-sized businesses in the region manage their HR and payroll needs more efficiently and cost-effectively.
According to the World Bank, small and medium-sized businesses account for 90% of all businesses in sub-Saharan Africa. These businesses often struggle to manage their HR and payroll processes, which can be time-consuming and expensive. Workpay’s platform aims to address these challenges by providing a digital solution that is accessible and affordable to businesses of all sizes.
In summary, Workpay has raised $2.7 million to expand its cloud-based HR and payroll services in Africa. The platform’s technology is designed to help small and medium-sized businesses manage their HR and payroll processes more efficiently and cost-effectively. The investment will help Workpay scale its services and meet the growing demand for digital HR solutions in the region.