PaidHR, a Nigerian startup that helps businesses manage their HR functions, has raised a $1.8 million seed round. The round completes PaidHR’s initial fundraising, which began with a $1.5 million target first reported by in October 2024.
PaidHR plans to deepen its market share within Nigeria, accelerate product development, and expand its customer success teams with the latest round of funding. The investment was led by Accion Venture Lab, with participation from existing investors Zrosk, Chui Ventures, and Zedcrest Capital.
The new funding round brings PaidHR’s total investment to about $2.9 million. The HR-tech startup raised $500,000 pre-seed in 2022 and an additional $600,000 in 2023.
Founded in 2020 by Seye Bandele and Lekan Omotosho, PaidHR provides a comprehensive platform for payroll, HRIS, compliance, performance management, and Earned Wage Access (EWA). Its cross-border payroll system supports 49 currencies, empowering businesses to pay employees in their local currencies and navigate the complexities of international HR management.
The startup currently serves over 200 businesses, generating revenue through subscription fees and transaction fees from payroll processing. In 2024, PaidHR processed ₦29 billion ($18 million) in salaries, nearly doubling the amount processed in 2023.
“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,” said Amee Parbhoo, managing partner at Accion Venture Lab.
The startup has recently launched an employee wallet app that enables employees to access and spend their wages without needing to transfer funds to a bank. PaidHR claims the wallet app currently processes over ₦1.3 billion ($835,134) monthly.
