Nigerian HR tech startup, PaidHR, is set to revolutionize the way businesses manage their global workforce. The company recently announced it is in talks to raise a $1.5 million seed round to fuel its expansion and enhance its cross-border payroll solution.
Empowering Global Workforces
PaidHR, founded in 2020, secured $500,000 in funding in February 2023 from notable investors like Zrosk IML, Zedcrest Capital, and Microtraction. The company’s cross-border payroll solution is designed to streamline HR processes for businesses with employees in multiple countries.
With 49 currencies supported, the platform enables seamless salary disbursement in local currencies. This could be particularly useful to African businesses looking to spread their tentacles abroad.
A Wallet for Borderless Transactions
A key feature of PaidHR’s cross-border payroll is a built-in wallet that empowers employees to convert their earnings into their preferred currencies. This facilitates effortless spending across borders, providing flexibility and convenience for a diverse workforce.
To ensure regulatory compliance, PaidHR has turned to partnerships with licensed financial institutions for secure and efficient transactions. The company generates revenue through transaction fees associated with these cross-border payments.
Expanding Horizons
PaidHR’s CEO, Seye Bandele, spotlighted the growing demand for cross-border payroll solutions, particularly among African businesses with global operations.
According to him, “We are building HR management with an African context and some of our users have requested this feature. We are building a cross-border solution but for the employed.”
The company is looking to capitalize on this opportunity by expanding into new markets and strengthening its position as a leading HR tech provider.
The cross border feature could be particularly beneficial to Nigerian clients, who currently constitute up to 80% of PaidHR’s user base. With the current inflation numbers, the feature offers a practical solution for employees looking to hedge against the naira’s 70% devaluation since May 2023 by converting earnings into more stable foreign currencies.
A Bright Future
PaidHR’s growing suite of tools includes onboarding, payroll management, compliance, performance tracking, and even Earned Wage Access (EWA), which allows employees to access a portion of their wages before payday.
With the latest offering, the company is well positioned to drive significant growth in the African HR tech market, and considering its commitment to innovation, it could well become a key player in the global HR market.
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