Verod-Kepple Africa Ventures (VKAV) is proud to announce our investment in Workpay, along with Norrsken22, Visa, Y Combinator, Saviu Ventures, Axian, Plug n Play, and Acadian Ventures. This is our 14th investment since the inception of our fund, and we are very excited about supporting Workpay’s innovative approach to HR management and payroll solutions, which are currently in use in 25 countries by over 1,000 clients across Africa.
Why We Invested in Workpay
There are over 200 million people employed by small to medium-sized businesses (SMBs) in Africa, contributing to 80% of the continent’s employment. However, digitization of administrative processes is still slow and costs SMBs, presenting a huge opportunity beyond those of large. Workpay is on this exciting mission to make HR SaaS available and affordable to SMBs, while deepening financial inclusion, and fostering payroll compliance, all across Africa.This mission will become even more important in the long-term considering the fact that by 2035, the number of Africans reaching working age will exceed that of the rest of the world combined, and most of them will be employed by SMBs.
Since inception, backed by strong leadership and an experienced team, Workpay has developed a solution that provides an all-in-one functionality covering the entire lifecycle of an employee from onboarding, attendance, payroll, performance management, to offboarding. We believe that the company is in a strong position to scale exponentially from here and become the leading HR platform to serve SMBs in the entire region, and even other parts of the world and we are looking forward to supporting them on this journey.
Find out more about Workpay by visiting their website.
