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In 2020, Seye Bandele, formerly a marketing lead at Yudala and Konga, and Lekan Omotosho, a former consultant for the FCT and state governments in Nigeria, founded Pade HCM, a software-as-a-service (SaaS) company with the goal of creating the simplest and most efficient people operations platform. “Our goal is to help businesses become more efficient, freeing up their time to focus on strategic work,” Pade CEO Bandele said in a statement seen by connectnigeria.com. “Professionals should not spend valuable time handling HR tasks that can be automated with little human interaction.” Since its launch, Pade HCM has assisted more than 100 African businesses in improving efficiency and profitability by eliminating repetitive HR responsibilities. In 2022, the Nigerian HR tech firm processed payroll worth approximately $6.3 million and managed over 10,000 employee records. The company claims to have had initial success due to its automation and simplification of HR processes, resulting in growth to $100,000 in annual recurring revenue by the end of 2022.
“Our software helps organizations with onboarding, HRIS, payroll, compliance, performance management, asset management, disciplinary actions, and exit processes, providing reliable HR management solutions in all areas,”Bandele added.
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In order to support its expansion, growth and product development, Pade HCM secured $500,000 in pre-seed funding from a group of investors including Zrosk IML, Zedcrest Capital, Microtraction, Expert Dojo, Resilience 17 and several individual investors.
“This latest round of funding marks a pivotal moment for the company, and Pade HCM intends to use the funds to change the HR industry in Africa. The new funding will also enable the company to expand its operations and invest in product development, helping Africa catch up to the new world of work,”according to a statement seen by connectnigeria.com. According to the statement, Pade HCM was established with the understanding that Africa has the greatest potential for workforce expansion globally. Despite having a youthful and rapidly increasing population, the economic growth and development in Africa lag behind other regions. This can be seen in the low efficiency levels across many industries and sectors in the area. The absence of investment in human resources creates a difficult environment for companies and entrepreneurs, making it crucial for Africa to focus on investing in its people and creating a supportive atmosphere for businesses.
“Our key focus is to deliver Africa into profitability. Africa, despite being the youngest and fastest growing population on the globe has the lowest productivity metrics anywhere in the world,”Pade HCM’s mission statement reads.
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In Africa, HR tech companies are following the trend set by similar companies globally, such as GustoHQ, Deel, and DayForce, in using technology to cater to the specific HR needs of organizations in the region, and remain ahead in a highly competitive business landscape. The HR tech sector in African countries including Nigeria, Ghana, Kenya, and Rwanda is growing rapidly. Previously, only big corporations like FMCGs and banks were conscious of digitizing HR processes and employee engagement techniques. However, lately, the understanding and advantages of using HR technology to boost business productivity have significantly increased in the African MSME sector which is valued at over $24 billion. Featured Image Source: Disrupt Africa
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