Finclusion Group led funding raised by SA payroll software startup HelloHR
HelloHR is a cloud-based payroll system that connects accountants, businesses, and employees, and it works well with Xero, South Africa’s most popular cloud accounting software.
The technology, which is accessed via a web application, automates the payroll process, including required leave and tax adjustments, saving time and minimising the risk of human mistake, while also providing a platform for administrators to communicate all payroll-related information.
Finclusion Group, which has taken a “substantial minority interest” in the business as part of its goal to deliver holistic financial health solutions through employers, has now backed it. Customers of HelloHR will benefit from the investment since they will have access to Finclusion Group’s wage-streaming, financial wellness, and insurance solutions.
The value given by the integration of payroll administration and employee benefits infrastructure, according to HelloHR creator Bernard Bravenboer, is generally only observed in big corporate organisations.
“This partnership democratises access to financial wellness products and access to earned wages and can give a much-needed boost to the employee experience. We know that small and medium businesses are the future of South Africa, and this is where we can play our part,” he said.
Finclusion Group has raised $20 million in a fundraising round led by Lendable, a major fintech debt financing provider, which it intends to utilise to expand its footprint in the East and South African markets. That includes the HelloHR agreement.
Finclusion CEO Timothy Nuy described the investment as the start of a symbiotic collaboration that will improve both businesses’ respective product offerings.
“HelloHR will contribute to the Finclusion Group platform, strengthening all offerings through improved customer experience and increased customer retention rates. The relationship allows the group to provide employers in SmartAdvance access to payroll services,” he said.
