Visa has participated in a $5 million funding round for the Kenyan payroll provider Workpay.
The funding round was led by tech growth equity firm Norrsken22, with contributions from Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures, and Acadian Ventures. This funding follows Workpay’s successful pre-series A round, which raised $2.7 million in early 2023.
Co-founded by Paul Kimani and Jackson Kibigo, Workpay provides a cloud-based payroll and HR SaaS platform that manages the complete journey of employees and contractors for businesses operating throughout Africa. Its features include payroll processing, time tracking, leave management, expense tracking, performance management, employee benefits administration, and Employer of Record (EOR) services, among others.
The company reports that it has successfully onboarded over 1,000 businesses across more than 20 countries on the African continent.
Kimani stated, “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 operating in multiple countries to manage payroll and tax through a single integrated platform. This funding will support Workpay in reaching profitability, which is a significant milestone for our company.”