South African payroll software startup HelloHR has been secured an undisclosed amount of funding from the Mauritius-based Finclusion Group.
HelloHR provides a cloud-based payroll solution connecting accountants, organisations, and employees and works closely with Xero, the leading cloud-based accounting software in South Africa.
Accessible through a web application, the tool automates the payroll process including the necessary leave and tax adjustments, thus saving time and reducing the chance of human error, while also providing a platform for administrators to relay all payroll-related information.
The startup has now secured backing from Finclusion Group, which has taken a “significant minority stake” as part of its strategy to provide holistic financial wellness products through employers. The investment will also aid HelloHR customers by giving them access to Finclusion Group’s wage-streaming, financial wellness and insurance products.
HelloHR founder Bernard Bravenboer said the value provided by the combination of infrastructure of payroll administration and employee benefits is typically only seen in large corporate organisations.
“This partnership democratises 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,” he said.
Finclusion Group recently secured US$20million in a funding round with leading fintech debt financing provider, Lendable, which it plans to use to widen its reach in East and South African markets. The HelloHR deal is part of that.
Finclusion chief executive officer (CEO) Timothy Nuy said the investment marked the beginning of a symbiotic partnership that enhances both companies’ individual product offerings.
“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,” he said.
