Cadana, a NYC-based global payroll technology company that specializes in emerging markets, raised $7.4m in funding to date.
The round was led by Costanoa Ventures with participation by Better Tomorrow Ventures and 500 Startups.
The funds will be used to expand its team, accelerate product development and scale into new markets.
Founded in 2021 by Albert Owusu-Asare, an immigrant from Ghana, and Ameer Shujjah, an immigrant from Pakistan, Cadana has 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.
Cadana’s APIs and white-label products allow global workforce platforms to manage payments and payroll with seamless integration into their existing systems. Cadana built a network of localized infrastructure to ensure compliance with all local employment and tax regulations, reducing fraud and liabilities from the inadvertent breaking of local employment laws.
Over the past 18 months, Cadana has powered more than $150 million in transactions across 32 countries while saving workers more than $2.5 million in fees.
FinSMEs
20/06/2024