Fintech startup, Cadana, has raised $7.1 million in seed funding led by Costanoa Ventures, with additional contributions from Better Tomorrow Ventures and 500 Startups, aimed at enhancing Cadana’s payroll services for international hiring platforms and financial institutions.
Following the funding announcement, Cadana’s CEO, Albert Owusu-Asare, emphasised the company’s commitment to addressing specific market challenges. “We have concentrated our efforts on establishing a strong local infrastructure to tackle these issues. Over the last three years, we have worked on integrating local payment systems, ensuring compliance, and incorporating benefits systems to enhance our service offerings and better fulfil the requirements of our customers,” he stated.
Founded in 2021 by Owusu-Asare and Ameer Shujjah, who serves as CTO, Cadana focuses on simplifying payroll processes for diverse clients, including talent marketplaces, staffing firms, and human resources providers. The fintech’s services enable businesses to compensate their workforce across more than 32 emerging markets, with a particular focus on countries like Nigeria and Ghana.
Cadana’s application programming interfaces (APIs) and white-label products allow global workforces to seamlessly integrate payment processing and payroll management into their existing systems. This integration helps circumvent challenges associated with local employment laws and high remittance fees, providing a more efficient and cost-effective solution for payroll management.
With this new funding, Cadana is poised to further develop its services and expand its reach, driving significant improvements in the way African professionals are paid and enhancing the overall efficiency of international payroll processes.