Cadana closes $7.1m to accelerate payroll for emerging market talents
TLDR
- Cadana, global payroll tech company, raises $7.4 million for its purpose-built payroll APIs and product suite tailored for global talent marketplaces and HR platforms in over 30 emerging economies.
- Funding led by Costanoa Ventures, with Better Tomorrow Ventures and 500 Startups participating, aims to grow the team, enhance product development, and enter new markets.
- Cadana's funding boost to drive team expansion, product development acceleration, and market expansion across various emerging economies, including Nigeria, Ghana, Brazil, and UAE.
Cadana, a global payroll technology company that specializes in emerging markets, today announced it raised $7.4 million in funding to date.
The startup has purpose-built payroll APIs and a white-label product suite that global talent marketplaces and HR platforms can use to improve their payroll services for workers across more than 30 emerging economies including Nigeria, Ghana, Brazil, Pakistan, UAE, and Nepal.
The funds, led by Costanoa Ventures with participation by Better Tomorrow Ventures and 500 Startups, will be used to expand its team, accelerate product development, and scale into new markets.
Key Takeaways
The global freelancer market, valued at $1.3 trillion and driven by over 200 million knowledge workers, demands efficient payroll automation and streamlined employment and tax regulation solutions. However, most current products neglect the legal nuances of emerging markets, especially varying employment laws. This gap forces global hiring platforms, which often rely on third-party payroll providers, to handle complex local employment laws, leading to a poor experience for workers. Additionally, remote workers in these regions face significant challenges, such as waiting up to a week for wages and losing 5-7% in remittance fees. Cadana addresses these critical issues, offering a solution that enhances the overall experience for both employers and workers in emerging markets.
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