Kenyan HR payroll startup Workpay has raised $2.7 million in a pre-Series A funding round to expand its services in 40 African countries, almost double its current reach.
Launched in 2019, Workpay offers tools for employers to manage employees' time, attendance, and leave days, as well as process benefits and salaries in local currencies across Africa. The platform also processes payroll and ensures compliance with filing taxes.
Workpay is expanding its offering to include investment accounts, medical and asset insurance, and earned-wage access for emergencies or bills. The startup claims its revenue growth and clientele have accelerated since the 2020 Covid-19 slowdown.
“Since 2021 we have been doubling revenue every year, and the number of our customers is nearing 700 as we speak. We also have about $200 million in total payroll value that we are handling for our customers annually,” CEO, Paul Kimani said.
The HR payroll market worldwide is expected to reach a $14.31 billion valuation with a compound annual growth rate of 9.2% by the close of the decade, according to a research report by Market Research Future.
Workpay seeks to tap into the growing awareness of HR payroll tech solutions and the rising number of small and medium-sized businesses in Africa.