To raise $1.5 million in a new fundraising round, PaidHR, a Nigerian startup, plans to expand its HR and payroll services internationally as part of its plans to grow.
PaidHR, which was founded in 2020, has become well-known in the HR management industry by providing companies with solutions that streamline all aspects of their operations, including payroll, compliance, and onboarding. A cross-border payroll system, the company’s most recent product innovation, enables companies with workers in other nations to pay their employees in local currencies, BrandSpur business and economy news reports.
With the integration of a wallet function and payment support for 49 currencies, this solution allows employees to change their earnings into a desired currency and conduct direct transactions. To handle these transactions and guarantee adherence to regional laws, PaidHR has teamed up with authorized banking institutions.
CEO Seye Bandele emphasized the significance of this move, especially for their Nigerian clientele, where the naira’s depreciation has compelled many to seek out methods of reducing the impact of inflation by exchanging salaries for foreign currencies. “We are developing a cross-border solution that satisfies workers’ needs, especially those who are experiencing financial instability,” stated Bandele.
Following the success of Earned Wage Receive (EWA), a service that was launched in 2023 and allows employees to receive a portion of their paychecks before payday, PaidHR has decided to offer cross-border payroll. The company presently serves 20 enterprises and processes about ₦20 billion in salary annually, handling the payroll of roughly 60,000 employees.
By the second quarter of the next year, PaidHR intends to enter three more markets, and this fresh funding will help them achieve that goal. The company is establishing a strong foothold in the HR tech sector by concentrating on offering HR solutions that cater to the African market.
