Quick Summary:
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PaidHR raised $1.8 million in a seed round led by Accion Venture Lab.
- The company will use the funds to expand in Nigeria, develop new products, and grow customer success teams.
- Total funding now stands at about $2.9 million, with previous pre-seed and seed contributions.
- PaidHR recently launched an employee wallet app that processes over ₦1.3 billion monthly.
PaidHR, a Nigerian startup that simplifies HR processes for businesses, has successfully closed a $1.8 million seed funding round. This milestone completes the company’s initial fundraising efforts, which began with a $1.5 million target in October 2024.
Investment to Drive Expansion and Product Growth
The new funding will enable PaidHR to deepen its market share in Nigeria, fast-track product development, and expand its customer success teams. Accion Venture Lab led the investment round, with additional support from existing investors Zrosk, Chui Ventures, and Zedcrest Capital.
Total Investment Reaches $2.9 Million
With this latest round, PaidHR’s total funding now stands at approximately $2.9 million. The company previously secured $500,000 in pre-seed funding in 2022 and raised another $600,000 in 2023.
A Comprehensive HR Solution
Founded in 2020 by Seye Bandele and Lekan Omotosho, PaidHR offers an all-in-one platform for payroll, HR information systems (HRIS), compliance, performance management, and Earned Wage Access (EWA). The platform supports cross-border payroll processing in 49 currencies, allowing businesses to pay employees in their local currencies and manage international HR tasks more efficiently.
Strong Market Presence and Growing Revenue
PaidHR currently serves over 200 businesses. The company earns revenue from subscription fees and payroll transaction charges. In 2024 alone, PaidHR processed ₦29 billion ($18 million) in salaries—nearly double the amount processed in 2023.
Backing from Accion Venture Lab
Amee Parbhoo, managing partner at Accion Venture Lab, expressed confidence in PaidHR’s mission.
“We are proud to support the team as they deliver scalable, cost-effective solutions that help strengthen small businesses and enable employees to take control of their financial lives,” she said.
Launch of Employee Wallet App
Recently, PaidHR introduced an employee wallet app that allows users to access and spend their earnings directly, without transferring funds to a traditional bank account. The wallet currently handles over ₦1.3 billion ($835,134) in transactions each month.