Workpay Raises $2.7 Million For Expansion In Africa
Kenyan HR payroll startup, Workpay, is set to expand its services to 40 countries in Africa after raising $2.7 million pre-series A funding. This would almost double its current reach.
The funding was raised from Launch Africa Saviu Ventures, Acadian Ventures, Proparco, Fondation Botnar, Kara Ventures, Axian, P1 Ventures and Norrsken. The YC-backed startup (W20) previously raised $2.1 million seed funding in 2020.
Workpay’s co-founder and CEO Paul Kimani has said that they are set to launch a payroll engine that can serve customers in additional markets in a bid to stay ahead of their customers’ needs. He added that the startup will also release an API to enable, for instance, accounting firms to be payroll providers.
The Workpay CEO said that he sees a big opportunity for market leadership in Africa, having built the tech and non-tech infrastructure to enable it to scale.
“On the tech side, we have integrated with nearly everyone who is processing payments to allow us to send money to as many countries in Africa as possible. Non-tech means we have established a presence in these countries, and have partners that allow us to be compliant, which is very important,” he said.
Launched in 2019, Workpay offers tools that enable its clients to pay salaries in local currencies across Africa (and outside the continent through the startup’s partners), file taxes and process employee benefits. Using its tools, employers are able to also track and manage employees’ time and attendance, and leave days.
“We are a full-stack HR Payroll company, and we help employees to manage their people and pay them. And ours is a very neat platform that processes payrolls, and helps employers to be compliant,” said Kimani.
“As an employer you are able to pay employees wherever they are, and in their preferred accounts — they don’t have to be forced to open accounts with specific banks just because the employer banks there — and file taxes too,” he added.
An employee-side app enables workers to receive and view their pay slips, make expense requests and apply for leave days.
Workpay is also adding financial services on top of its HR and payroll platform including linkages to investment accounts, medical and asset insurance and earned-wage access for employees attending to emergencies or bills.
Kimani says Workpay has experienced great growth in revenue and clientele, with a spurt noted after the COVID slowdown of 2020.