Workpay raises $8.8M in new funding round
[Image Source: Workpay]
June 28, 2024 | UDOH CHARLES
Kenyan HR and payroll platform Workpay has recently raised $8.8 million in a new funding round, Launch Base Africa has learned. This substantial investment underscores the growing confidence in Workpay’s innovative solutions designed to streamline workforce management across the continent. While the specific investors remain undisclosed, the funding round signifies a major milestone for the Y Combinator-backed company, enabling it to accelerate its expansion and introduce cutting-edge HR technology to empower businesses and employees throughout Africa.
This investment comes amidst significant growth in the HR-payroll market, with industry analysts projecting a compound annual growth rate of 9.2% and an expected market value of $14.31 billion by the end of the decade. The increasing demand for streamlined HR and payroll solutions, particularly among small and medium-sized businesses, is driving this growth.
Workpay, which previously raised $2.7 million in a pre-Series A round in February 2023, has become a prominent player in this market. The company is focused on capitalizing on the growing demand for HR-payroll technology in emerging markets.
In a recent interview, Workpay co-founder and CEO Paul Kimani outlined the company’s ambitious plans, including expanding into new markets with a new payroll engine and launching an API to enable accounting firms and other entities to offer payroll services to their clients.
Kimani expressed confidence in Workpay’s potential for market leadership in Africa, emphasizing the company’s technological infrastructure and strategic partnerships. He also highlighted the importance of compliance in navigating the diverse regulatory environments across the continent.
