Payroll services startup FaidiHR has announced that it has received funding from SprintX, a US-based Venture Capitalist (VC) for early-stage startups.
The funds have also seen the company change its name to FaidiHR. It was previously known as Crew HR & Payroll.
The Kenyan startup, which allows companies to automate their HR functions, focuses on the African market.
The amount received from the fund drive has not been revealed.
So far, it has been offering its cloud-based product to Kenyan SMEs. However, the funds will allow it to expand its business to other African countries, including Uganda, Tanzania, and DRC.
Just like any other payroll service, FaidiHR, which was launched back in 2018, also helps organizations automate off days, employee data, tasks, inventory, training, and appraisals expenses
According to the startup’s CEO Peter Muchemi, FaidiHR seeks to help businesses in Africa focus more on people by increasing employee onboarding experience, retention, engagement and general employee welfare.
“As FaidiHR, we are excited about this round of investment. We intend to use these funds to grow the business even as we continue to focus on our main clientele – small and medium enterprises (SMEs). So far we have had the chance to validate our business with millions in annual turnover with thousands of employees’ salaries being processed by our platform. Our platform has served different clients in diverse industries like aviation (Air France and KLM), Hospitality and Tours (Densey Tours and Trianum Group), NGOs like Fida Kenya among other industries,” he said.
Circling back to the name change, the CEO said the name shift is the culmination of a need to let the brand speak for itself.
In the coming days, the firm will also be launching features that will focus more on the employee to add more value so that they can be more productive.
One of them is a payroll lending feature that FaidiHR has been working on with its partners that will allow employees access to instant mobile loans based on their repayment capabilities.
This will be possible because it has real-time data for credit scoring metrics for employees.
“In the spirit of rebranding, we will continue to commit to our customers and provide the same, or better, level of professionalism you have experienced, and we’d like to take the opportunity to thank our loyal customers and business partners for your trust and friendship in business,” he added.
FaidiHR has since launched a multi-company single log-in HR cloud solution.
The module allows an individual consultant or company to manage centralized data, which facilitates payroll processing, pay slip, and report generating for different clients, under one account.