PaidHR Raises $1.8M, Eyes HR Market Domination

Nigerian HR-tech company PaidHR has closed a $1.8 million seed round, securing support to expand its presence in Nigeria and fast-track product development. The investment round, led by Accion Venture Lab, also saw returning backers Zrosk, Chui Ventures, and Zedcrest Capital throw in their weight

.The company, founded in 2020 by Seye Bandele and Lekan Omotosho, builds tools that help businesses manage payroll, compliance, performance reviews, and employee benefits—across borders. Its platform currently handles 49 currencies, making it easier for companies to pay staff in local denominations.

“We are proud to support the team as they deliver scalable, cost-effective solutions that help strengthen small businesses and enable employees to take control of their financial lives,” said Amee Parbhoo, Managing Partner at Accion Venture Lab.

From ₦29 Billion in Payroll to Wallet Innovation

With this latest seed raise, PaidHR’s total funding now sits at roughly $2.9 million. It began with a ₦500,000 pre-seed round in 2022, followed by $600,000 in 2023.

The company now powers payroll operations for over 200 businesses. In 2024 alone, PaidHR processed salaries totalling ₦29 billion ($18 million)—nearly double its 2023 performance. Its revenue model is based on subscription plans and transaction charges tied to payroll execution.

One of its standout innovations is a recently released employee wallet app. This tool allows workers to spend their wages directly without needing to transfer funds into a traditional bank. According to the company, the app currently processes over ₦1.3 billion ($835,134) monthly.

PaidHR Betting on Financial Control for Employees

The core of PaidHR’s vision lies in employee empowerment. Its Earned Wage Access (EWA) feature enables employees to draw from their salaries before the official payday.

This approach not only improves financial flexibility for workers but also gives small businesses access to a modern payroll system that scales. PaidHR’s cross-border feature is especially relevant as more Nigerian firms go remote or tap into regional talent pools.