LAGOS: Nigeria-based human resources technology startup, PaidHR, has secured $1.8 million in a seed funding round led by Accion Venture Lab, with participation from existing investors Zrosk, Chui Ventures, and Zedcrest Capital.
The latest investment brings PaidHR’s total funding to $2.9 million, following earlier raises of $500,000 in 2022 and $600,000 in 2023.
Founded in 2020 by Seye Bandele and Lekan Omotosho, PaidHR provides businesses with simplified payroll and human resource management tools designed for Africa’s unique cross-border environment.
Its platform supports payroll processing in 49 currencies, enabling companies to pay employees in local currencies regardless of where they live or work.
With the fresh capital, the company plans to strengthen its product offerings, scale across African markets, and expand its workforce—particularly in customer support.
We are building HR management for the African context, and this funding allows us to scale our vision, expand our reach, and deliver even more value to our clients, said CEO and co-founder, Seye Bandele.
The company has already processed over ₦11.4 billion in salaries in 2023 and expects to double that figure in 2024. So far, PaidHR has supported more than 200 companies, half of them African businesses.
Commenting on the investment, Amee Parbhoo, Managing Partner at Accion Venture Lab, said:
It’s a meaningful step toward financial inclusion for underserved workers. PaidHR’s technology simplifies HR operations while giving workers access to financial tools like earned wage access and USD savings.
Beyond payroll, PaidHR’s platform also helps organizations manage HR data, compliance, performance tracking, and employee benefits.
The startup’s cross-border payroll capability has gained increased importance as Nigerian businesses look for stable currency options to navigate the naira’s depreciation.
The company’s growth underscores the rising demand for digital solutions that address Africa’s evolving HR and financial inclusion challenges.
