Investment of $7.1 million in seed funding granted to Cadana, enabling growth in payroll services across emerging marketplaces
Cadana Achieves Profitability and Secures $7.4 Million in Funding
Cadana, a global payroll software and services company, has announced that it has secured $7.4 million in funding and achieved profitability last year. This funding round was led by Costanoa Ventures, with participation from Better Tomorrow Ventures and 500 Global.
Founded in January 2021, Cadana initially began as an earned wage access (EWA) platform targeting specific African markets. However, it has since pivoted to offering global payroll solutions to businesses in emerging markets. The company's co-founder and CEO, Albert Owusu-Asare, shared that the main customer base is in the U.S. and the U.K.
Cadana offers a flexible range of payment options for workers, including mobile money, bank accounts, and cards. The company's white-label solution, mid-tier option for custom components, and top-tier tailored solutions cater to businesses of various sizes.
The company allows businesses to compensate workers in over 32 emerging markets, including Brazil, Ghana, Nigeria, Pakistan, and the UAE. So far, Cadana has processed over $150 million in transactions for its clients.
Amy Cheetham, partner at Costanoa Ventures, believes that Cadana addresses unique challenges faced by employees and employers in emerging markets. The company has saved workers in these regions over $2.5 million in fees so far and simplifies the process for workers to access global job opportunities.
Cadana's revenue increased 11-fold over the same period, generated from tiered pricing and fees charged to businesses per contract or employee paid on the platform. The company plans to use the latest funds to expand its team, accelerate product development, and scale into new markets.
The global freelance market is valued at $1.3 trillion and supports over 200 million knowledge workers. Cadana facilitates payroll operations for talent marketplaces, staffing firms, and HR providers. Global HR platforms like Deel and Rippling are seen as potential customers rather than competitors by Cadana.
Owusu-Asare and Ameer Shujjah, Cadana's other co-founder and CTO, are both immigrants to the U.S. who met in college. The company's team of legal experts possess deep knowledge of local labor laws across various regions.
Despite the success, there are no search results specifically detailing the investors involved in the financing of the company or the total amount of money the company has received so far. However, it is clear that Cadana is poised for continued growth and impact in the global payroll market.
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