Nigeria-based HR-tech startup PaidHR announced the successful raising of $1.8 million in a new Seed funding round, bringing its total investment to approximately $2.9 million. This round follows a prior funding announcement in October 2024, where PaidHR aimed to raise $1.5 million, as reported by TechCabal.
With the new funding, PaidHR plans to strengthen its market share in Nigeria, accelerate product development, and expand customer support teams. The round was led by Accion Venture Lab, alongside returning investors Zrosk, Chui Ventures, and Zedcrest Capital.
Founded in 2020 by Seye Bandele and Lekan Omotosho, PaidHR offers an all-in-one platform that includes payroll management, HR information system (HRIS), compliance, performance management, and Earned Wage Access (EWA) services.
PaidHR’s cross-border payroll system supports 49 currencies, enabling companies to pay employees in their local currency and simplifying international HR complexities. The company currently serves over 200 businesses, generating revenue through subscriptions and payroll processing fees.
In 2024 alone, PaidHR processed salaries worth ₦29 billion (approximately $18 million) — nearly double the amount processed in 2023.
Amy Barbeau, Managing Partner at Accion Venture Lab, said:
“We are proud to back a team delivering scalable, low-cost solutions that empower small businesses and enable employees to take control of their financial lives.”
Continuing its expansion, PaidHR recently launched a digital wallet app for employees, allowing them to access and spend their wages without bank transfers. The wallet currently processes over ₦1.3 billion monthly (around $835,134).
