Nigeria’s PaidHR raised $1.8 M Seed round to develop product, expand presence

A US $1.8 million seed round of funding has been raised by Nigerian startup PaidHR to support its mission to revolutionize payroll and human resource management throughout Africa.

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

Businesses can pay employees in their local currencies and handle the challenges of managing international human resources thanks to its cross-border payroll system, which supports 49 currencies.

PaidHR has secured a US $1.8 million seed round led by Accion Venture Lab, with significant participation from current investors Zrosk, Chui Ventures, and Zedcrest Capital. The company previously announced a US $500,000 pre-seed funding round in late 2022, as well as an additional US $600,000 in 2023 that it did not disclose.

The company intends to use this investment to boost its presence in Africa’s quickly expanding enterprise and SME sectors, broaden its customer success teams, and expedite product development. In order to provide businesses and their teams with more value, the company also wants to keep coming up with new ideas in the areas of employee financial wellness, compliance automation, and HR analytics.

“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.”

According to Amee Parbhoo, managing partner at Accion Venture Lab, PaidHR’s integrated platform is addressing structural issues that small businesses and their workers in underserved markets, beginning in Nigeria, face.

“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.