Finclusion, a financial technology firm, has acquired a strategic stake in South African payroll software startup HelloHR for an undisclosed amount, a report says.
This is part of Finclusion’s strategy to provide holistic financial wellness products via employers, offering HelloHR customers access to the wage-streaming, financial wellness and insurance products offered by Finclusion.
HelloHR founder Bernard Bravenboer said there’s a value provided by the partnership in the combination of infrastructure of payroll administration along with employee benefits, which is usually only seen in bigger corporations.
“This partnership democratizes 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.”
Finclusion CEO Timothy Nuy said the acquisition would help to bolster both companies’ product offerings.
“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.”
The HelloHR tool gives a cloud-based payroll solution to connect accountants, employees and organizations. It works with South Africa’s Xero software, a cloud-based accounting program, and is accessible through a web application. The function automates payroll, including the necessary leave and tax adjustments, and works to save time, cut down on errors and give a platform for administrators to give any payroll-related information with tailored user experiences for every access level.
In other payroll-related news, U.K. company dopay announced it would be making 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 the cashless transactions in Egypt were not high – only around 45 percent of transactions there were cashless.
Egypt has the world’s third-highest number of unbanked citizens, following Morocco and Vietnam.