Nigeria’s Earnipay Raises $4 million, less than a month after launch

Congratulations Nonso Onwuzulike for raising $4million in Earnipay. The firm wants to improve employees’ financial well-being. It uses technology to offer employees the opportunity to access their earned salaries into their accounts flexibly, in real-time and interest-free, to help alleviate financial worries, which are part of major distractions in the workplace. Here is the main line: “Earnipay officially launched in January 2022, after development and beta testing since September 2021”.

Yes, a company which was launched in January 2022 has raised $4million (there is no way this business is not valued at least $15 million). People, Naija is working (even if Nigeria is not working). The young people are making things happen.

At Tekedia Capital, we have been saying one thing: abundance is in the future and this is the cambrian moment of entrepreneurial capitalism in Africa. All sectors would be redesigned and transformed by the power of technologies and imaginations of young people. #believe.

Founded by Nonso Onwuzulike to improve the financial well-being of employees, Earnipay uses its technology to offer employees the opportunity to access their earned salaries into their accounts flexibly, in real-time and interest-free. Earnipay partners with employers and seamlessly integrates with their payroll systems to offer its services to employees, who can then track and withdraw their accrued salaries via the app. Businesses are able to have complete oversight and set limits for the percentage of salaries employees can withdraw each month. Since operating in beta, Earnipay has served over 20 businesses, outsourcing firms and HR solution providers in Nigeria including Eden Life and Thrive Agric, whose employees have used the app to access their salary over 1,000 times, indicating a strong demand for the solution.

With the Seed funding, Earnipay will accelerate the development of its technology platform to serve large enterprise employers. By doing so, Earnipay will provide employees with the tools they need to make better financial decisions and improve their quality of life. The company plans to offer its on-demand salary solution to 200,000 employees by the end of 2022.

Speaking on the funding round and the recent launch of Earnipay, CEO Nonso Onwuzulike, says, “Financial worries are the leading cause of distractions in the workplace. The monthly pay cycle means employees are often unable to afford daily expenses, cover emergencies or take advantage of immediate financial opportunities. As a result, they become exposed to predatory payday loans and get stuck in unending debt cycles with unrealistic payback periods and expensive interest rates. Earnipay exists to address this problem and offer an ethical alternative to instant salary access while helping employers improve employee engagement and retention at zero cost to their business. The future of salary is on-demand, and we’re excited to be pioneering this amazing solution in Africa. I’m delighted to be collaborating with a group of highly respected investors who understand the need for a platform such as Earnipay to drive better access to salaries, and, importantly, to improve the financial well-being of income-earners in Africa.”

Nigeria’s HR-tech Earnipay Raises $4M To Enable On Demand Salary Access To Employees

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