Finclusion Group, a financial technology startup, has purchased a strategic investment in HelloHR, a South African payroll software startup, for an unknown sum. According to HelloHR, the acquisition is part of Finclusion Group’s objective to provide comprehensive financial wellness solutions through employers, and it will benefit HelloHR clients by providing them with access to Finclusion Group’s wage-streaming, financial wellness, and insurance products.
“HelloHR will contribute to the Finclusion Group platform, strengthening all offerings through improved customer experience and increased customer retention rates. The relationship allows the group to provide employers in SmartAdvance access to payroll services,” Finclusion CEO Timothy Nuy said, while adding that the acquisition kicks off a symbiotic relationship that will improve both firms’ distinct product offerings.
- HelloHR is a cloud-based payroll system that connects accountants, businesses, and employees in South Africa, and it works well with the Xero cloud-based accounting software.
The value given by the integration of payroll administration and employee benefits infrastructure, according to Bernard Bravenboer, founder of HelloHR, is often only observed in large corporate organizations.
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“This partnership democratises access to financial wellness products and access to earned wages, and can give a much-needed boost to the employee experience. We know that small and medium businesses are the future of South Africa, and this is where we can play our part.”
- The solution, which is accessible via a web application, automates the payroll process, including essential leave and tax adjustments, saving time and lowering the risk of human error, according to Finclusion.
The user interface also provides a platform for administrators to communicate all payroll-related information, with bespoke user experiences created expressly for each access level, according to the document.
- Founded in 2019 by Timothy Nuy, Finclusion drives financial inclusion in Sub-Saharan Africa using AI powered and data driven lending.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer