- Workpay, a cloud-based HR, payroll, and benefits platform for African businesses, has raised $5 million in Series A funding led by Norrsken22, with participation from several other investors.
- The funding will be used to expand Workpay’s reach across Africa and develop its financial services offering, addressing the challenges faced by businesses in the region with diverse regulations and a growing workforce.
- Workpay’s comprehensive platform, designed specifically for the African market, offers a range of features including payroll processing, time tracking, leave management, and employee benefits administration, making it a compelling solution for businesses looking to streamline HR and payroll management.
Workpay, the leading cloud-based HR, payroll, and benefits platform for organizations with employees across Africa, has announced a successful $5 million Series A funding round led by Norrsken22. The investment round saw participation from a stellar lineup of investors, including Visa, Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures, and Acadian Ventures. This latest round builds upon Workpay’s impressive $2.7 million pre-Series A funding secured in early 2023, demonstrating the company’s strong momentum and potential.
Workpay’s mission is to revolutionize HR and payroll management for businesses operating across the dynamic and diverse African landscape. The company’s comprehensive SaaS platform simplifies the complex process of managing employees and contractors, from onboarding to offboarding, through features such as payroll processing, time tracking, leave management, expense tracking, performance management, employee benefits administration, and Employer of Record (EOR) services.
This latest funding will be instrumental in fueling Workpay’s expansion across the continent, bolstering its financial services offering, and solidifying its position as the go-to solution for African businesses. Recognizing the critical need for localized solutions and price sensitivity in the African market, Workpay’s platform offers a tailored approach that addresses the unique challenges faced by businesses operating in this region.
“Our goal is to become the go-to solution for employers and employees in managing HR, payroll, and work-related benefits,” said Paul Kimani, CEO of Workpay. “This raise will support Workpay to reach profitability, a huge milestone for our company.”
Investors are enthusiastic about Workpay’s potential, highlighting the company’s deep understanding of African regulations and its commitment to providing a comprehensive and user-friendly platform.
Ngetha Waithaka, General Partner at Norrsken22, emphasizes the vast potential of Workpay in a region with a burgeoning working-age population that remains underserved by traditional HR and payroll tools. “With the addition of integrated financial services, Workpay’s potential for growth is immense,” he stated.
Thomas Otter, of Acadian Ventures, expressed confidence in Workpay’s future, stating, “The company has developed the most comprehensive, modern HR and payroll platform and is poised to become the market-leading HR platform across Africa over the next decade.”
Workpay’s success underscores the growing investment opportunities in African tech, with the company strategically positioned to meet the evolving needs of businesses across the continent. As Africa’s workforce continues to grow, Workpay is poised to become a key player in simplifying HR and payroll management, providing essential financial services, and empowering businesses to thrive in the dynamic African market.
What you should know
Workpay is a breath of fresh air for businesses operating in Africa, tackling the complexities of HR and payroll management with a user-friendly, cloud-based platform. Founded by Paul Kimani and Jackson Kibigo, Workpay understands the unique challenges faced by African businesses, from navigating diverse regulations to managing dispersed workforces.
Forget about cumbersome spreadsheets and manual processes. Workpay offers a single, comprehensive solution that streamlines the entire employee lifecycle, from onboarding to offboarding. With features like payroll processing, time tracking, leave management, expense tracking, performance management, and even employee benefits administration, Workpay makes HR and payroll a breeze.
But Workpay goes beyond mere efficiency. It recognizes that African businesses have specific needs and often struggle with access to resources. Workpay offers a solution that is affordable, localized, and designed to empower businesses of all sizes.
As Africa’s economy booms and the demand for remote work grows, Workpay is strategically positioned to become a leading force in the region. By simplifying HR and payroll management, Workpay allows businesses to focus on their core goals and achieve sustainable success. It’s a platform built for the future of work in Africa, offering a brighter and more efficient future for both employers and employees.
