- Kenyan HR payroll start-up Workpay has raised $2.7m in pre-series A funding to launch its services in 40 countries.
- The company is launching a payroll engine to benefit more clients.
- Workpay has doubled its revenue each year since 2021, processing approximately $200m in payroll value annually.
Workpay, an African HR payroll startup based in Kenya, has raised $2.7 million in pre-Series A funding from investors Launch Africa, Saviu Ventures, Acadian Ventures, Proparco, Fondation Botnar, Kara Ventures, and Axian, P1 Ventures, and Norrsken.
Backed by Y Combinator, the startup was launched in 2019 and has set its sights on offering its services in 40 African markets, which is double the number it currently serves.
Co-founded by Paul Kimani and Jackson Kungu, the startup offers tools that allows clients pay employees in local currencies, file taxes, and calculate employee benefits and rewards through a time and attendance tracker.
–Microsoft Announce ‘Binding’ 10-Year Contract Between Xbox And Nintendo
–Flance Partners Bolt To Offer Nigerian Drivers Cheaper Healthcare
–Africa’s Payment Platform Chipper Cash Lays Off Nearly 100 Employees.
Going forward, Workpay will launch a payroll engine that will benefit more clients in the new markets it is entering. It is working with several payment processing companies and partners in different markets.
“We are a full-stack HR Payroll company, and we help employees to manage their people and pay them. And ours is a very neat platform that processes payrolls, and helps employers to be compliant,” Kimani said about what it gives the startup an edge over competitors.
In addition, employees do not have to open specific bank accounts because their employers uses it and relies on it for taxes. The platform has an employee app that lets workers receive salaries as well as request expense payments and leave days from partnering companies.
As part of its expansion, the company is building a marketplace that lets clients make investments, insure assets and create earned-wage access for emergencies.
Workpay processes about $200 million in payroll value for clients annually and has doubled its revenue every year since 2021. According to Crunchbase, the company had started out as Tozzaplus before rebranding when it shifted its focus from handling accounting for SMEs to HR payroll.
For your daily dose of tech, lifestyle, and trending content, make sure to follow Plat4om on Twitter @Plat4omLive, on Instagram @Plat4om, on LinkedIn at Plat4om, and on Facebook at Plat4om. You can also email us at email@example.com and join our channel on Telegram at Plat4om. Finally, don’t forget to subscribe to OUR YOUTUBE CHANNEL.