- A Nigerian startup, Earnipay has secured a funding of N1.665 billion to accelerate its services of providing on-demand salaries to employees
- Notable funders led by Cannan, XYZ Ventures, Village Global, Musha Ventures Platform and Paystack invested on the platform
- Nomso Onwuzulike, the CEO of Earnipay said the company was founded to help employees have quick access to salaries without hassles
A two-month-old Nigerian fintech solutions company, EarniPay has secured an investment of N1.660 billion to accelerate its services and provide flexible and on-demand access to salary earners.
The investment round is led by Cannan with participation from XYZ Ventures, Village Global, Musha Ventures, Ventures Platform and payment solutions company, Paystack.
According to Nairametrics, Earnipay was officially launched in January 2022 and intends to use the investment to improve employees financial welfare. It collaborates with employers and effortlessly adds to their payroll systems and offers its services to employees who can track and withdraw their accumulated salaries through the platform.
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Earnipay’s CEO, Nonso Onwuzulike, mentioned that the financial technology company helps to solve problems around financial hassles that usually distracts workers due to the salary structure of payment in most organisations.
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What the CEO said
According to the CEO, the monthly payment circle means that employees are often unable to afford daily expenses, cover emergencies or benefit from financial opportunities.
Because of this, employees are exposed to predatory loan sharks and are stuck in endless debt cycles with unrealistic payback periods and exorbitant interest rates, Onwuzulike said.
He added that Earnipay has been collaborating with employee engagement and productivity.
“We are systematically addressing the inefficiencies in how the African workforce interacts with salaries and will continue to build products and services with both employers and employees in mind,” he noted.
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What you should know
The firm was established by Nonso Onwuzulike, a graudate of Covenant University in Nigeria and is targeted at financial wellness fintech solution that combines employers payroll and HRM systems to help on-demand funding for employees to access their earned salary instantly without interest.
Nigerian startups that struck biggest deals in 2021
Legit.ng has reported that Nigerian startups have a lot to be thankful for in 2021, having attracted global investors to trust in their ideas in million-dollar deals.
Data shows 11 African startups raised at least, $100 million in 2021, five of which were Nigerian owned companies.
Softbank, a Japanese corporation that has invested in Alibaba, Uber, and other prominent firms, is one of the well-known investors funding Nigerian entrepreneurs.