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Nigerian HR tech startup, PaidHR has secured a $1.8 million seed round to build Africa’s future of work.
Accion Venture Lab led the investment, which was participated in by existing investors Zrosk, Chui Ventures, and Zedcrest Capital.
With the latest round of funding, PaidHR plans to deepen its market share within Nigeria, accelerate product development, and expand its customer success teams.
PaidHR Supports Businesses With a Comprehensive HR Management
Founded in 2020 by Seye Bandele and Lekan Omotosho, PaidHR provides a comprehensive platform for payroll, Human Resource Information System, compliance, performance management, and Earned Wage Access (EWA).
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Its cross-border payroll system supports over 49 currencies, empowering businesses to pay employees in their local currencies and navigate the complexities of international HR management.
The HR startup generates revenue through subscription and transaction fees from payroll processing. In 2024, PaidHR processed ₦29 billion ($18 million) in salaries, nearly doubling the amount processed in 2023.
The new funding round brings PaidHR’s total investment to about $2.9 million. The startup raised a $500,000 pre-seed in 2022 and an additional $600,000 in 2023. “We are building HR management for the African context, and this funding allows us to scale our vision, expand our reach, and deliver even more value to our clients,” Seye Bandele, CEO and Co-founder, said in a press release seen by UrbanGeekz. “With the support of Accion Venture Lab and our returning investors, we are well-positioned to help businesses grow and scale more effectively across borders.”
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Building Africa’s Future of Work
Accion Venture Lab led the new funding with support from returning investors Zrosk, Chui Ventures, and Zedcrest Capital. “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.
PaidHR plans to use the new funding to accelerate product development, bringing innovative HR solutions to users. They’ll expand their team to provide better support and increase their African presence to reach more businesses.
Currently, the startup supports businesses and tech startups in Nigeria, Kenya, and South Africa. Its clientele covers more than 250 businesses in logistics, retail, manufacturing, banking, and several other industries that form the backbone of Africa’s workforce.
The platform will continue innovating in employee financial wellness, compliance automation, and HR analytics to deliver greater value to businesses and their teams.
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The startup has recently launched an employee wallet app that enables employees to access and spend their wages without transferring funds to a bank. PaidHR claims the wallet app currently processes over ₦1.3 billion ($835,134) monthly.
Main Image: PaidHR Co-founder and CEO, Seye Bandele (left), and Co-founder and CTO, Lekan Omotosho. Image Credit: PaidHR
