PaidHR, a Nigerian startup that’s making HR smooth and easy, is in talks with investors to raise $1.5 million in a seed round according to Techcabal. This comes after they processed a hefty ₦11 billion in salaries last year and raised $500K back in February 2023 from big-name investors like Zrosk IML, Zedcrest Capital, and Microtraction.
Expanding Payroll, Globally
The new funds will help PaidHR launch its latest product, a cross-border payroll system that allows employees to be paid in 49 different currencies. This feature is designed to make life easier for companies with global teams, letting them pay employees in their local currencies, which is part of PaidHR’s big plan for growth.
Wallet Feature for Easy Currency Swaps
What’s cool about the cross-border payroll is the wallet feature. Employees can convert their salary into any currency they want and spend directly. To keep everything above board, PaidHR partners with licensed financial institutions for transactions, earning fees from every one. “We’re building a cross-border solution for the employed,” said CEO Seye Bandele.
Future Plans and Hedging the Naira
PaidHR’s solution also offers relief to Nigerians, who make up 80% of their client base, by allowing them to hedge against the naira’s wild devaluation. The startup, which serves over 200 businesses, plans to expand into three new markets by Q2 next year and is expecting the cross-border payroll to boost its revenue significantly.
