Global payroll technology startup Cadana, which focuses on emerging markets, revealed today that it has raised $7.4 million in funding so far, with Costanoa Ventures leading the round.
Albert Owusu-Asare, CEO and co-founder of Cadana, while confirming the development in a news release said that funding also saw participation from Better Tomorrow Ventures and 500 Global.
Albert Owusu-Asare, the CEO of Cadana, is a Ghanaian, and Ameer Shujjah, the CTO, is a Pakistani.
The two, who are both immigrants living in the United States, first became acquainted while majoring in computer science and physics, respectively, in college.
Cadana claims it simplifies payroll for prominent talent marketplaces, staffing firms, and HR suppliers, allowing them to compensate employees in over 32 developing markets, such as Brazil, Ghana, Nigeria, Pakistan, and the United Arab Emirates.
This facilitates workers in these areas in securing international employment prospects.
“Most solutions focus on streamlining the experience for the payroll administrator with little emphasis on the worker experience. We’ve built payroll solutions that facilitate a better experience for both,” Owusu-Asare explained.
“I’m from Ghana, and Ameer is from Pakistan. We intimately understand what these workers need and their pain points and our focus is on providing workers in these regions with the best pay experience possible,” added Owusu-Asare.
Cadana made its debut by Owusu-Asare and Shujjah as a platform that provided Earned Wage Access (EWA) in a few African markets. But they saw right away that there was a bigger chance to deal with different payroll-related issues.
Consequently, the EWA service was incorporated into a more extensive range of solutions that Cadana currently provides, such as services and worldwide payroll software intended for companies doing business in developing nations.
As per the release, the funds would go towards growing the team, quickening the pace of product development, and entering new markets.
We earlier reported that MNZL, a financial firm based in Egypt, has announced securing a $3.5 million Seed funding round to improve technology infrastructure and expand its market footprint in the Middle East and Africa (MEA) region.
