PaidHR (formerly Pade HCM), a platform that helps African organizations manage their entire employee lifecycle, has launched a new cross-border payroll feature, allowing employees to receive salaries in 49 different currencies.
The cross-border feature will allow companies with employees in different countries to pay in their local currency, which is an important part of PaidHR’s expansion strategy. The solution features a wallet that allows employees to convert their pay into any preferred currency and spend directly.
This new development, follows the company’s recent pricing revamp, which removed upfront fees, and the launch of PaidHiring, an applicant tracking system. Notably, the cross-border payroll feature is designed to benefit remote workers who are paid globally, offering a hedge against macroeconomic challenges such as currency devaluation.
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Speaking in the roll-out of the feature, PaidHR CEO Seye Bandele said,
“We are building HR management with an African context and some of our users have requested this feature. We are building a cross-border solution but for the employed. Before creating the wallet feature, we thought of a way to help users spend from where they earn”.
In addition to this feature, the startup has introduced a proprietary wallet service that includes bill payments and embedded finance products. “We are the Fintech for employees,” Badmus noted, highlighting the company’s commitment to streamlining financial services for workers.
PaidHR’s new cross-border payroll feature adds to its suite of products which helps organizations with onboarding, HRIS, payroll, compliance, performance management, asset management, disciplinary actions, and exit processes for their employees.
Founded in 2021, the company has disbursed over N30 billion in salaries for over 100 businesses. It partners with employers to simplify the way they manage their workforce.
In 2023, PaidHR disbursed ?11.473 billion worth of salaries to employees of its clients which includes Flutterwave, Famasi, Risevest, Max, and Dantata. The ?11.473 billion in salaries paid to employees, was a 41.1% increase from its 2022 figure of ?7.245 billion.
In 2023, the company launched Earned Wage Access (EWA), a feature that allows employees to draw an advance from their salaries before payday. EWA was developed as a result of a growing trend seeing employees demand much more freedom from their employers. The EWA app has features such as the ability to track company goals and objectives that have been set by their managers and measure how their performance is contributing to the goals.
Since its inception, PaidHR has been on a journey to empower African businesses with the tools they need to thrive in a rapidly changing world. The company wants to be the backbone of the workforce in Africa and see that the lives of African employers and employees are improved, further positioning itself as a leader in the African HR tech space.