HelloHR, a South African cloud-based payroll software startup, has raised an undisclosed amount of investment.
HelloHR secured the funding from Finclusion Group, a Mauritius-based startup that uses AI-powered and data-driven lending to drive financial inclusion in Sub-Saharan Africa.
Bernard Bravenboer (Founder, HelloHR), speaking on the fact that the value that is provided through the combination of employee benefits and infrastructure of payroll administration is only prevalent in huge corporate firms, said:
“This partnership democratizes access to financial wellness products and access to earned wages and can give a much-needed boost to the employee experience. We know that small and medium businesses are the future of South Africa, and this is where we can play our part.”
Finclusion Group’s investment in HelloHR is part of its strategy to provide comprehensive financial wellness products via employers and assist the startup’s customers by allowing them to have access to financial wellness, wage-streaming and insurance products which will, in turn, create a much bigger and better expansion of the company’s reach.
Expressing confidence in the partnership fueled by the investment and both companies’ individual product offerings, Timothy Nuy, Finclusion CEO, said:
“HelloHR will contribute to the Finclusion Group platform, strengthening all offerings through improved customer experience and increased customer retention rates. The relationship allows the group to provide employers in SmartAdvance access to payroll services.”
Finclusion Group had recently closed a US$20,000,000 funding round led by Lendable, a leading fintech debt financing provider, to widen its reach in East and South African markets.
HelloHR is a South African cloud-based payroll solution platform that enables accountants, businesses, HR professionals, organizations and employees control their payroll processes.
The startup can be accessed via a web application and works with Xero, an accessible and seamless leading cloud-based accounting software in South Africa.
The startup provides a platform for administrators to communicate all payroll-related information (with customized user experiences designed for accessibility by all), and automates the payroll process including the necessary leave and tax adjustments, thereby reducing time wastage and eliminating chances of human error.
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