WorkPay, a Kenyan HR payroll startup, has disclosed plans to expand its services which help clients manage employee benefits and pay salary in local currency, to 40 countries in Africa following a $2.7 million pre-Series A funding
Launch Africa, Saviu Ventures, Acadian Ventures, Proparco, Fondation Botnar, Kara Ventures, Axian, P1 Ventures, and Norrsken participated in the latest round of funding
Workpay’s co-founder and CEO, Paul Kimani, told TechCrunch they are set to launch a payroll engine to serve customers in additional markets. He added that the start-up would also release an API to enable, for instance, accounting firms to be payroll providers.
Workpay will also add financial services to its HR and payroll platform, including linkages to investment accounts, medical and asset insurance, and earned-wage access for employees attending to emergencies or bills.
“We are building a marketplace, and bringing in other players that can serve employers and employees on our platform,” said Kimani.
More companies are adopting online methods to streamline their operations regarding dealing with employees. Globally, the HR payroll market is expected to account for an annual growth rate (CAGR) of 9.2% which is approximately $ 14.31 billion valuation by the end of this decade.
Thomas Otter, the general partner at Acadian Ventures, said, “Workpay is building a top-notch product, meeting the specific needs for HR and payroll in Sub-Saharan Africa.
The addressable market in the region is growing rapidly, and HR and payroll systems provide the foundation for fair and accurate pay. When combined with advances in mobile payments, solutions like Workpay can positively impact businesses and society.”
Kimani, who co-founded Jackson Kungu (COO), considers this a milestone for market leadership in Africa because building tech and non-tech infrastructure will promote its success. He backed this up by saying;
“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.”
“We are a full-stack HR Payroll company, and we help employees to manage their people and pay them. And ours is a very neat platform that processes payrolls, and helps employers to be compliant,” said Kimani.
“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,” he said.
An employee-side app lets workers receive and view their pay slips, make expense requests, and apply for leave days.
Workpay was launched in 2019 and offers technologies that allow its clients to file taxes, handle employee benefits, and pay salaries in local currencies throughout Africa (and outside the continent through the startup’s partners). They aim to empower businesses, manage, and pay their employees on time.
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