Kenyan HR payroll startup, Workpay, has raised $2.7 million pre-Series A funding to facilitate part of its plans to expand into 40 African countries.
Having raised an initial $2.1 million in seed funding, 2020, the current pre-Series A round boosts the total funding amount raised by Workpay. Investors in the current round were Launch Africa, Saviu Ventures, Acadian Ventures, Proparco, Fondation Botnar, Kara Ventures, Axian, P1 Ventures, and Norrsken.
The YC-backed startup, W20 batch, was founded by the CEO, Paul Kimani and COO, Jackson Kungu. It plans to launch a payroll engine to serve customers in more markets, while it ensures efficient service provision and will release an API to enable firms such as accounting companies become payroll providers.
Workpay is a full-stack HR Payroll company that helps employees to manage and pay workers. The HR company offers tools that enable these clients pay salaries in local currencies across and outside Africa through partners, provides file taxes, and processes employee benefits. The tools also help employers track and manage employees’ time and attendance, as well as leave days.
The startup looks to include financial services in its offerings as it adds linkages to investment accounts, medical and asset insurance, and earned-wage access for employees attending to emergencies or bills.
Workpay affirms to experience a tremendous user base increase with revenue doubling annually, and has about $200 million in total payroll value being handled for customers every year.
