Nigeria-based startup PaidHR has successfully raised $1.8 million in a seed funding round, marking its largest investment to date. The round was led by Accion Venture Lab and saw participation from existing investors such as Zrosk, Chui Ventures, and Zedcrest Capital. Founded in 2020 by Seye Bandele and Lekan Omotosho, this latest funding brings the company’s total raised to $2.9 million. PaidHR aims to revolutionize payroll and human resource management, particularly for businesses with international employees, by enhancing financial capabilities and automating compliance processes.
With the new capital, PaidHR plans to strengthen its product offerings by expanding its customer support team and increasing its presence in Africa’s burgeoning business sector. CEO Seye Bandele expressed that the investment is pivotal for refining HR management systems tailored to the African market. He emphasized the company’s mission to facilitate business operations and growth across borders.
Accion Venture Lab’s managing partner, Amee Parbhoo, highlighted the startup’s technology for simplifying HR operations and promoting financial inclusion through tools like earned wage access and USD savings. This funding represents a crucial step for PaidHR, as it continues to innovate in the HR tech space and assist African businesses in managing payroll across 49 currencies. Since its inception, PaidHR has streamlined HR processes for over 200 companies, processing significant salary volumes and adapting to economic changes like the depreciation of the Nigerian naira.
