Cadana Raises $7.1 Million In Seed Funding

Fintech startup, Cadana, has secured $7.1 million seed funding to revolutionise remmitances for African professionals.

This funding round was led by Costanoa Ventures, including contributions from Better Tomorrow Ventures and 500 Startups is aimed at improving Cadana’s payroll services, which cater to international hiring platforms and financial institutions.

Following this funding, Albert Owusu-Asare, the CEO of Cadana, said that the company will channel the funds to addressing specific challenges faced in these markets.

“We have concentrated our efforts on establishing a strong local infrastructure to tackle these issues. Over the last three years, we have worked on integrating local payment systems, ensuring compliance, and incorporating benefits systems to enhance our service offerings and better fulfill the requirements of our customers,” Owusu-Asare said.

Cadana was founded in 2021 by Owusu-Asare and Ameer Shujjah who currently works as the CTO at the startup. Cadana specializes in simplifying payroll processes for a variety of clients, including talent marketplaces, staffing firms, and human resources providers.

The fintech’s services enable businesses to compensate their workforce across more than 32 emerging markets, with a particular focus on countries like Nigeria and Ghana. Cadana’s innovative application programming interfaces (APIs) and white-label products  enable global workforces to seamlessly incorporate payment processing and payroll management into their existing systems, thereby circumventing the problems associated with local employment laws and high remittance fees.

The company aims help African talent and those in other emerging markets to access global employment opportunities.