Established in 2020 by entrepreneurs Seye Bandele and Lekan Omotosho, PaidHR offers a robust suite of tools for payroll management, human resource information systems (HRIS), compliance, employee performance tracking, and on-demand wage access.

The platform’s standout feature is its ability to handle cross-border payroll in 49 different currencies, enabling companies to efficiently manage global teams and pay staff in their respective local currencies.

This new seed round was led by Accion Venture Lab and included follow-on investments from Zrosk, Chui Ventures, and Zedcrest Capital.

The company had previously raised US$500,000 in a pre-seed round in late 2022 and an unpublicized US$600,000 in 2023.

With this capital injection, PaidHR intends to double down on product innovation, grow its customer success and support teams, and expand its reach across African markets, particularly targeting small and medium-sized enterprises (SMEs) and larger corporate clients.

The company also has ambitious plans to build out features around financial wellness for employees, enhance its compliance automation tools, and strengthen its HR analytics capabilities.

Co-founder Seye Bandele highlighted the importance of this funding milestone in supporting PaidHR’s continental ambitions.

“This investment empowers us to broaden our impact and deliver tailored solutions that reflect the realities of African businesses,” he stated.

“Thanks to Accion Venture Lab and our returning backers, we’re in a strong position to support SMEs aiming to scale across African borders.”

According to Amee Parbhoo, managing partner at Accion Venture Lab, the firm saw strong potential in PaidHR’s integrated approach to solving deep-seated HR and financial challenges:

“Their technology not only simplifies HR operations but also embeds financial tools like earned wage access and USD savings, directly improving employee livelihoods. It’s a meaningful step toward financial inclusion for underserved workers,” Parbhoo said.