Finclusion, a fintech company, has acquired a strategic stake in South African payroll software startup HelloHR for an undisclosed amount, according to a report.
This is part of Inclusion’s strategy to deliver holistic financial wellness products through employers, providing HelloHR customers with access to the payroll, financial well-being and insurance products offered by Inclusion.
HelloHR founder Bernard Bravenboer said the partnership provided added value in the combination of a payroll administration and benefits infrastructure, which is usually only visible in large companies.
“This partnership democratizes access to financial wellness products and access to earned wages, and can provide a much needed boost to the employee experience. We know that small and medium-sized businesses are the future of South Africa, and this is where we can play our part.
Finclusion CEO Timothy Nuy said the acquisition will help strengthen the product offerings of both companies.
“HelloHR will contribute to the Finclusion group’s platform, strengthening all offerings through an improved customer experience and increased customer retention rates. The relationship enables the group to provide SmartAdvance employers with access to payroll services.
The HelloHR tool offers a cloud-based payroll solution to connect accountants, employees and organizations. It works with South African Xero software, a cloud-based accounting program, and is accessible through a web application. The feature automates payroll, including necessary time off and tax adjustments, and saves time, reduces errors, and provides administrators with a platform to deliver all payroll-related information with experiences personalized user for each level of access.
In other payroll related news, UK company dopay announced that it will make payroll cashless for Egypt, where such a thing is not the norm.
Read more: UK-based Dopay makes payroll cashless for workers in Egypt
PYMNTS reports that cashless transactions in Egypt were not high – only about 45% of transactions there were cashless.
Egypt has the third highest number of unbanked citizens in the world, after Morocco and Vietnam.