Nigeria-Based PaidHR Secures $1.8M to Reinvent HR and Payroll Across Africa

Seye Bandele and Lekan Omotosho, PaidHR Founders

Nigerian startup PaidHR has raised a US$1.8 million seed round of funding to help it in its goal of transforming payroll and human resource management across Africa.

Founded in Nigeria in 2020 by Seye Bandele and Lekan Omotosho, PaidHR provides a comprehensive platform for payroll, HRIS, compliance, performance management, and earned wage access. 

Its cross border payroll system supports 49 currencies, empowering businesses to pay employees in their local currencies and navigate the complexities of international HR management. 

PaidHR announced a pre-seed funding round of US$500,000 in late-2022, plus an additional US$600,000 in 2023 which it did not announce, and has now banked a US$1.8 million seed round led by Accion Venture Lab, with strong participation from existing investors Zrosk, Chui Ventures, and Zedcrest Capital.

With this investment, the company plans to accelerate product development, expand its customer success teams, and increase its presence across Africa’s rapidly growing enterprise  and SME sectors. The company also aims to continue innovating around employee financial  wellness, compliance automation, and HR analytics to deliver greater value to businesses and  their teams. 

“We are building HR management for the African context, and this funding allows us to scale our  vision, expand our reach, and deliver even more value to our clients,” Bandele said. “With the support of Accion Venture Lab and our returning investors, we are well positioned to help small businesses grow and scale more effectively across borders.” 

Amee Parbhoo, managing partner at Accion Venture Lab, said PaidHR’s integrated platform was tackling deep-rooted structural challenges faced by small businesses and their employees in underserved markets, starting in Nigeria. 

“By combining human resources automation with embedded financial services like earned wage access and USD savings, the platform not only improves how businesses operate, but seeks to deliver meaningful financial inclusion for workers. We are proud to support the team as they deliver scalable, cost-effective solutions that help strengthen small businesses and enable employees to take control of their financial lives,” she said.

Source: Disrupt Africa