Workpay, the Kenyan cloud-based HR, payroll, and benefits platform, has successfully raised $5 million in Series A funding. This significant funding round, led by Norrsken22 and featuring investors such as Visa, Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures, and Acadian Ventures, follows Workpay’s successful pre-Series A round of $2.7 million in early 2023.
Co-founded by Paul Kimani and Jackson Kibigo, Workpay provides a comprehensive cloud-based payroll and HR SaaS platform designed to manage the entire employee journey, from onboarding to offboarding. The platform includes essential features such as payroll processing, time tracking, leave management, expense tracking, performance management, employee benefits administration, and Employer of Record (EOR) services.
With over 1,000 businesses across 20+ African countries already using its platform, Workpay is positioned to revolutionize employee financial services and benefits. The company aims to become the go-to solution for managing HR, payroll, and work-related benefits, leveraging its deep understanding of regulations across the continent to offer integrated, compliant services.
Paul Kimani, CEO of Workpay, emphasized that this funding will support the company’s expansion across Africa and enhance its financial services provision. The strategic investment is set to help Workpay achieve profitability and further solidify its position in the market.
As Africa is set to have the largest working-age population by 2050, coupled with the rise in remote work and talent shortages in other markets, the demand for outsourcing services and African talent is expected to grow. Workpay is strategically positioned to meet this demand, offering a solution for companies both on and off the continent to pay employees compliantly while providing valuable financial services.
This latest funding round highlights the increasing investor confidence in African tech startups and underscores Workpay’s role in shaping the future of HR and payroll services in the region.
Workpay #HRTech #PayrollSolutions #AfricanStartups #FundingNews #EmployeeBenefits #TechInnovation #AfricanBusiness
