Nigerian human resources business management startup, PaidHR, has raised a $1.8 million seed round to expand its operations in the country, with the funding support provided by Accion Venture Lab, Zrosk, Chui Ventures, and Zedcrest Capital.
PaidHR plans to deepen its market share within Nigeria, accelerate product development, and expand its customer success teams with the latest round of funding.
The new funding round brings PaidHR’s total investment to about $2.9 million.
The HR-tech startup raised $500,000 pre-seed in 2022 and an additional $600,000 in 2023.
Founded in 2020 by Mr Seye Bandele and Mr Lekan Omotosho, PaidHR provides a comprehensive platform for payroll, HRIS, compliance, performance management, and Earned Wage Access (EWA).
PaidHR’s cross-border payroll system supports 49 currencies, empowering businesses to pay employees in their local currencies and navigate the complexities of international HR management.
With over 200 businesses under its arm, the startup generates revenue through subscription fees and transaction fees from payroll processing.
In 2024, PaidHR reportedly processed N29 billion in salaries, nearly doubling the amount processed in 2023.
“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,” said Amee Parbhoo, managing partner at Accion Venture Lab.
The startup recently launched an employee wallet app that enables employees to access and spend their wages without needing to transfer funds to a bank.
PaidHR claims the wallet app currently processes over N1.3 billion monthly and is targeting an increase with the latest round.