Cadanaa payroll service provider serving emerging markets recently secured $7.1 million funding round.
The $7.1 million funding round was led by Costanoa Ventures with participation from Better Tomorrow Ventures and 500 Startups.
About Cadana
Since its inception in 2021, Cadana has been on a mission to address the unique challenges faced by workers in emerging markets, particularly those related to payment delays and high remittance fees.
Cadana’s approach is centered around its powerful API and white label products, which allow businesses to seamlessly integrate payments and payroll management into their existing systems.
This integration is vital for workers in more than 32 emerging markets, including Brazil, Ghana, Nigeria, Pakistan, and UAEas it facilitates easier access to global employment opportunities and ensures timely and fair compensation.
Some of Cadana’s other features include real-time payments with fees under $3. and options for employees to invest in US dollar assets such as stocks.
Because this matters
The company’s co-founder and CEO, Albert Owusu-Asare, highlighted the impact of Cadana’s solutions, noting that workers often support an average of five family members and previously faced a delay of up to a week in receiving payments, incurring significant remittance fees in the process.
Cadana’s infrastructure aims to alleviate these burdens by integrating local payment, compliance and benefits systems to better serve customers and meet their needs.
With more than $150 million in transactions Developed for its clients to date and a client base that has tripled in the last year, Cadana is well positioned to capitalize on this new influx of capital.
What happens next?
The funding will enable the company to further develop its technology, expand its reach and continue to provide tailored solutions to businesses facing the complexities of local employment law and payroll systems.
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