Workpay is improving payroll systems for businesses in Africa.
At its core, Workpay serves as a payroll, human resource, and benefits platform. Per its company website, its solutions can help companies increase their payroll proficiency by 10 times to ensure employees will be compensated on time. Additionally it has assisted businesses in hiring employees who reside anywhere across Africa and beyond. The company also offers benefits such as savings and pension plans, health insurance, and early wage access, among others.
“The shift in customer needs has pushed us to expand our product from being a solid payroll solution to offering a more full-stack HR service. We’ve also noticed an opportunity to layer financial services on top of our HR offerings,” Co-founder and CEO Paul Kimani told TechCrunch. “Since companies already use us to pay their employees, we can now provide added services like medical and vehicle insurance and even partner with providers for lending, savings, and investment options. This way, we offer a more comprehensive solution that meets the broader needs of our customers and their employees.”
Workpay has secured the trust of more than 100 companies and at micro levels it has assisted local businesses with 20 to 100 employees in countries including Nigeria and Kenya.
Most recently, the company has been supported with $5 million in funding through a Series A round led by venture capital firm Norrsken22. Visa, Plug n Play, and existing investors such as Y Combinator, Saviu Ventures, Axian, Verod-Kepple Africa Ventures, and Acadian Ventures also participated in the round.
The new funding will drive continued expansion, capitalizing on the company’s strong momentum. Over the past 16 months, it has onboarded 500 new businesses, and in 2024 alone, its revenue surged by 1.5 times over the first six months, TechCrunch notes. Additionally, the outlet shares that the company serves more than 1,000 customers in 20 African countries.
Workpay looks to add more financial products to its platforms and will lean into artificial intelligence to improve its performance management tools.
