Thursday
February 24
2022

Earnipay Secures $4 Million Seed Funding to Provide On-Demand Salary to Employees in Africa

Earnipay, a financial technology solution that provides flexible and on-demand salary access to income-earners, has closed a Seed round of $4million led by Canaan and with participation from XYZ VenturesVillage GlobalMusha VenturesVentures PlatformVoltron Capital and Paystack CEO Shola Akinlade. Targeting employees across Africa, Earnipay officially launched its operations in January 2022, having been in development and beta testing since September 2021.

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.

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Source: PanafricanVisions (link opens in a new window)

Categories
Finance, Investing, Technology
Tags
emerging markets, employment, financial access, financial inclusion, impact investing, technology