Visa has joined a $5 million funding round in Kenyan payroll provider Workpay.
The financing was led by tech growth equity firm Norrsken22, with additional participation from Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures and Acadian Ventures. It follows Workpay’s successful pre-series A round of $2.7m in early 2023.
Co-founded by Paul Kimani and Jackson Kibigo, Workpay offers a cloud-based payroll and HR SaaS platform that manages the entire journey of employees and contractors for businesses operating across Africa. It includes features like payroll processing, time tracking, leave management, expense tracking, performance management, employee benefits administration and Employer of record (EOR) services among others.
The company claims to have onboarded 1000+ businesses across 20+ countries on the African continent on the platform.
Says Kimani: “Our goal is to become the go-to solution for employers and employees in managing HR, payroll, and work-related benefits. Our deep understanding of regulation across the African continent allows businesses working across multiple countries to manage payroll and tax using a single integrated platform. This raise will support Workpay to reach profitability, a huge milestone for our company.”