Nigeria’s PaidHR Raises $1.8 Million in a Seed Round to Develop Product and Expand Presence

Nigeria’s PaidHR, a fast-growing HR technology company, has just raised $1.8 million in a seed round to boost its product development and expand its reach across Africa. The startup, founded in 2020 by Seye Bandele and Lekan Omotosho, wants to change how businesses handle payroll and human resource management, especially for companies with employees in different countries.

The story of Nigeria’s PaidHR raising $1.8m in a seed round is a big step for both the company and the African HR tech industry. PaidHR’s main product is a platform that helps businesses manage payroll, HR information, compliance, performance, and even gives employees early access to their wages. What sets PaidHR apart is its cross-border payroll system, which supports 49 different currencies. This means companies can pay their workers in their local currencies, no matter where they are, making it easier to manage international teams.

PaidHR raises $1.8m in a seed round led by Accion Venture Lab, with support from existing investors like Zrosk, Chui Ventures, and Zedcrest Capital. Before this, PaidHR had already raised $500,000 in late 2022 and an additional $600,000 in 2023, but this new funding is their largest yet.

Nigeria’s PaidHR raises $1.8m in a seed round

With this fresh investment, PaidHR plans to speed up its product development, hire more people for customer support, and expand its presence in Africa’s growing business sector. The company wants to help both large enterprises and small and medium-sized businesses (SMEs) manage their HR and payroll needs more efficiently. PaidHR also aims to create more features that support employee financial wellness, automate compliance, and provide better HR analytics.

According to Seye Bandele, the co-founder, this funding is a major milestone. He said, “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.” With the backing of Accion Venture Lab and other investors, Bandele believes PaidHR is well-positioned to help businesses grow and operate across borders.

Amee Parbhoo, managing partner at Accion Venture Lab, explained why they invested in PaidHR: “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.”

Since its launch, PaidHR has helped over 200 companies, including 100 African businesses, streamline their HR processes. In 2023 alone, PaidHR processed over ₦11.4 billion in salaries and expects to double this in 2024. Their cross-border payroll feature is especially useful now, as the Nigerian naira has lost a lot of value, making it important for companies to pay employees in stable currencies.

PaidHR’s journey hasn’t been easy. The company started small, focusing on employee engagement, but quickly shifted to serving both SMEs and large enterprises after landing its first big client. PaidHR’s ability to adapt and listen to customer feedback has helped it grow, and now, with this new funding, it’s ready to become a leader in HR tech across Africa.

Nigeria’s PaidHR raises $1.8m in a seed round to make payroll and HR easier for businesses across Africa, helping companies pay staff in local currencies and giving employees more control over their finances. This funding marks a new chapter for the company as it works to expand and innovate in the HR tech space.

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