PaidHR Pursues $1.5 Million Funding to Scale its Multi-Currency Payroll System

Nigerian HR tech startup PaidHR is currently in talks with investors to secure a $1.5 million seed funding round. This follows their successful $500,000 round in February 2023, backed by investors such as Zrosk IML, Zedcrest Capital, and Microtraction.

Founded in 2020, PaidHR has quickly gained momentum, processing ₦11 billion in salaries in 2023. The company seeks additional capital to expand into new markets and enhance its product offerings, particularly focusing on its cross-border payroll system.

The cross-border payroll system allows businesses with international teams to pay employees in 49 different currencies, simplifying salary payments for multinational companies. A key feature is the integrated wallet, allowing employees to convert their earnings into their preferred currency for transactions. PaidHR partners with licensed financial institutions to ensure regulatory compliance, earning revenue through transaction fees.

Source: Tapiwa Matthew Mutisi / Innovation Village