A Kenyan Human Resource (HR) management startup, WorkPay has raised $2.7 million in a funding round, which will be used to expand the firm’s operations across Africa.
The startup had raised $2.1 million in seed funding, in 2020.
The current funding round was led by Launch Africa, Saviu Ventures, Acadian Ventures, Proparco and Foundation Botnar.
Other investors are Kara Ventures, Axian, P1 Ventures, and Norrsken.
The company launched in 2019 has upscaled its activities in the continent and now intends to reach nearly 40 countries in Africa, almost double its current market.
The firm uses technology to create tools that help clients to remit salaries in local currencies across Africa and beyond through its partners.
Customers can also pay taxes and process employee benefits through the platform.
Co-founder and Chief Executive Officer (CEO) of WorkPay, Paul Kimani said an employer, can 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.”
The CEO said the firm has integrated with nearly everyone who is processing payments to allow the company 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.
In addition, the firm is building a marketplace and bringing in other players that can serve employers and employees on the platform.
The HR tech market is rapidly growing and is expected to hit $14.31 billion by the end of the decade.