In 2023, Nigerian HRTech company, Pade paid out ₦11.473 billion worth of salaries to employees of its clients such as Flutterwave, Famasi, Risevest, Max, and Dantata. This marks a 41.1% average annual increase from the ₦7.245 billion that the onboarding and payroll management platform disbursed last year, as per its 2023 Year in Review report.
Since its inception, Pade has disbursed a total of ₦24.485 billion in salaries. Moreover, the startup processed ₦104 million in tax and pension payments for its clients in the previous year.
In 2020, Seye Bandele—a former marketing lead at Yudala and Konga, and Lekan Omotosho—a former consultant to Nigerian state governments and the FCT, co-founded Pade with a mission to build the simplest and most efficient people operations platform. The startup secured a $500,000 pre-seed funding last year to bolster its operations.
“Before Pade, I had to manually make remittances, follow up to ensure taxes and pensions were remitted, make payroll manually, and check with the team if they have received their salaries,” said Adeola Ayoola, CEO of Famasi, a Nigerian healthtech startup.
Despite catering to clients across various sectors, Pade emphasized that its largest clientele includes those in financial services, construction and engineering, and consulting industries. Additionally, the average salary disbursed by Pade to over 6,500 employees of its clients last year was ₦240,000 ($266.90), with 60% earning less than ₦150,000 and 25% earning more than ₦250,000.
“From onboarding to exit and everything in between, we will continue to develop the technology tools that help Africans become more efficient, accurate, and productive in their daily lives,” co-founders Bandele and Omotosho said in the review.
Soure: Benjamindada