Workpay, a HR tech firm offering a cloud-based payroll and HR platform that manages the entire employee lifecycle, enabling payroll processing, time tracking, has got Visa Africa Fintech Accelerator program backing just two months after raising $5m in a Series A funding round.
The earlier round of funding was led by Norrsken22 with participation from Visa, Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures and Acadian Ventures. In 2023, Workpay raised $2.7 million in a pre-series A round to help firms across Africa navigate employee management.
According to Paul Kimani, Co-Founder and CEO of WorkPay, “We are happy to have Visa in our corner. As a trusted leader in digital payments, Visa’s support pushes us toward our goal of delivering innovative solutions and streamlining backend processes for all.”
Headquartered in Kenya, Workpay offers employee benefits administration, performance management and Employer of Record services in more than 35 countries across Africa.
OkHi which initially started in Kenya before launching in Nigeria in 2020 is a smart addressing system that provides digital address verification, enabling businesses to collect, verify, and navigate to accurate addresses, thereby improving delivery efficiency and access to financial services.
Workpay, OkHi, Oze and ORDA were the four start-ups that graduated from the inaugural cohort of its Visa Africa Fintech Accelerator program which is helping drive fintech growth across the continent while bolstering financial inclusion and access.
Oze, based in Ghana provides digital record-keeping tools and embedded finance products to SMEs, helping them manage transactions, access affordable capital, and grow their businesses. Additionally, the startup offers a Loan Management System (LMS) for financial institutions, featuring machine learning-based credit scoring to enhance lending decisions and expand access to credit for MSMEs.
ORDA, a cloud-based restaurant software company digitizing over 1,500 restaurants across Nigeria, Kenya, and South Africa with tools for order processing, inventory management, and financial services to optimize operations and fuel growth.
The four will pitch their innovative capabilities during a Demo Day set to take place on December 2nd in Cape Town, South Africa, to an audience of venture capitalists, angel investors, ecosystem enablers and business partners. The Visa Africa Fintech Accelerator program – is a three-month intensive program that supports Seed to Series A start-ups by offering 1:1 mentorship, training, and exclusive opportunities for funding and partnership.
Launched in 2023, it aligns with Visa’s pledge to invest $1 billion in the continent by 2027, helping to uplift and bolster its digital transformation.
Godfrey Sullivan, Senior Vice President of Products, Partnerships and Digital Solutions for Visa CEMEA, said “These investments mark a substantial step for Visa – we are once again standing behind our commitment to innovation in Africa, helping to shape the future of digital payments alongside some of the brightest fintech minds that the continent has to offer. Visa sees each investment as a unique opportunity to drive financial access and inclusion, and we are proud to support these start-ups as they realize their vision for a more connected Africa.”