Cadana Secures $7.4M Funding to Empower Global Freelancer Payments

Cadana, a fintech startup launched in 2021, has emerged as a crucial player in the global freelancer market, valued at $1.3 trillion and supporting over 200 million knowledge workers worldwide. This industry drives a high demand for streamlined payroll and employment solutions that navigate complex international tax and labor regulations. However, existing products often overlook the diverse legal landscapes of emerging markets, leaving global hiring platforms to grapple with local compliance issues independently.

One of the major pain points in these markets is the delay in payment processing and the high remittance fees faced by remote workers, who typically wait up to a week to receive their earnings. Cadana addresses these challenges head-on with its API-driven solutions and customizable products, enabling global workforces to integrate seamless payments and payroll management into their operations.

Cadana's impact extends across 32 emerging markets including Brazil, Ghana, Nigeria, Pakistan, and the UAE, facilitating easier access to global job opportunities for workers in these regions. The company has attracted significant attention in the investment realm, securing a total of $7.4 million since its inception. This funding includes a $325,000 pre-seed round and a $7.1 million seed round led by Costanoa Ventures, with participation from Better Tomorrow Ventures and 500 Global.

Albert Owusu-Asare, co-founder and CEO of Cadana, emphasized the transformative effect of their solutions on workers' livelihoods in emerging economies. "Our platform has significantly reduced payment delays and remittance fees, which were major hurdles for workers supporting multiple family members," Owusu-Asare explained in an interview with TechCrunch. Cadana has tailored its offerings to meet the diverse needs of its primary customer base in the U.S. and the U.K., serving large-scale remote work businesses that previously struggled with inefficient payroll vendors or internal solutions.

Through its robust local infrastructure and commitment to compliance and benefits integration, Cadana continues to reshape the landscape of global employment, ensuring fairer and more efficient payment solutions for workers worldwide.

Source: Tage Kene-Okafor / TechCrunch