Workpay, a Kenyan HR payroll startup, has acquired $2.7 million in pre-Series A funding to help it grow into 40 African countries.
Following an initial $2.1 million in seed fundraising in 2020, Workpay’s latest pre-Series A round increases the overall cash amount raised. Launch Africa, Saviu Ventures, Acadian Ventures, Proparco, Fondation Botnar, Kara Ventures, Axian, P1 Ventures, and Norrsken were among the investors in the latest round.
W20 batch, a YC-backed firm, was created by CEO Paul Kimani and COO Jackson Kungu. It intends to create a payroll engine to serve consumers in additional markets, while also ensuring fast service supply and releasing an API that would allow organizations such as accounting firms to become payroll providers.
Workpay is a full-stack HR Payroll company that assists employees in managing and paying employees. The HR firm provides systems that allow these companies to pay salaries in local currencies across and outside of Africa via partners, submit taxes, and administer employee benefits. Employers can also use the tools to track and manage employees’ time and attendance, as well as leave days.
As it adds links to investment accounts, medical and asset insurance, and earned-wage access for employees answering to crises or bills, the business hopes to expand its offerings to include financial services.
Workpay confirms that its user base is growing rapidly, with revenue doubling on an annual basis, and that it handles around $200 million in total payroll value for consumers each year.
