PaidHR Seeks $1.5 Million to Expand Cross-Border Payroll Solutions

PaidHR, a Nigerian startup, is set to scale up its operations by expanding its HR and payroll services across borders, as it aims to raise $1.5 million in a new funding round. 

Established in 2020, PaidHR has gained traction within the HR management sector, offering businesses solutions that simplify their operations, from onboarding to payroll and compliance.

The company’s latest product innovation, a cross-border payroll system, is designed to allow businesses with employees in various countries to pay their staff in local currencies. 

This solution supports payments in 49 currencies and integrates a wallet feature, enabling employees to convert their earnings into a preferred currency and make direct transactions. PaidHR has partnered with licensed financial institutions to manage these transactions and ensure compliance with local regulations.

CEO Seye Bandele noted the importance of this development, particularly for their clients in Nigeria, where the devaluation of the naira has forced many to look for ways to mitigate the effects of inflation by converting salaries into foreign currencies. “We are building a cross-border solution that meets the needs of employees, particularly those facing economic instability,” Bandele said.

PaidHR’s decision to provide cross-border payroll comes on the heels of its success with Earned Wage Access (EWA), a feature introduced in 2023 that allows employees to access part of their salaries before payday. The company has processed over ₦20 billion in salaries this year and currently serves 20 businesses, managing payroll for about 60,000 employees.

The new funding will support PaidHR’s plans to expand into three additional markets by the second quarter of next year. With a strong emphasis on providing HR solutions targeting the African market, the company is finding a resilient place in the HR tech industry.

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