Bento, Nigeria’s digital payroll and human useful resource administration platform is increasing to Ghana, Kenya and Rwanda with plans to arrange operations in six different markets in Africa over the subsequent one yr.
In its subsequent part of growth, Bento is eyeing Egypt, South Africa, Uganda, Tanzania, Angola and Ethiopia by the top of subsequent yr.
Bento is tapping the payroll and HR administration market in Africa that has historically relied on laborious analog processes to disburse pay. The startup, based in 2019, helps companies to automate the disbursement of salaries and different statutory remittances together with taxes and pension.
“Seeing so many corporations utilizing analogue strategies to handle their workforce is each irritating and thrilling for us. Employers don’t have entry to domestically personalized, world-class payroll and HRM instruments, and workers can’t simply entry third-party providers to assist make life simpler. When you consider it, your wage powers your life, so we’re constructing the working system that can have a profound influence on the African continent for generations to return,” stated Bento co-founder and CEO, Ebun Okubanjo.
Bento stated that its platform is leveraging knowledge to increase credit score options to 3rd events (workers) and different providers like unemployment insurance coverage, financial savings and investments.
The startup’s proprietary credit score engine, in-built partnership with Israel’s Tarya, ensures the disbursement of immediate loans.
In Nigeria, Bento at the moment serves over 900 companies together with healthcare and monetary service corporations equivalent to Hygeia and Tangerine Africa, and Y Combinator-backed startups Paystack, Kobo360, Department and LORI Methods.
“We’re beginning with payroll and HRM, however shifting quickly in the direction of Wage 2.0, the place we redefine the intersection of labor and life and rework the best way individuals earn, spend and borrow on the continent,” stated Bento’s different co-founder and COO, Chidozie David Okonkwo.
“Having efficiently established product-market slot in Nigeria, one of the vital troublesome markets to penetrate in Africa, we’re excited to roll out throughout the continent and remedy the actual issues we all know hundreds of thousands of employers and workers face every day,” stated Okonkwo.
Bento’s growth comes a couple of month after Workpay, a Nairobi-based payroll and HR administration startup, expanded to Nigeria to faucet small medium sized companies within the West African area. Workpay, a Y Combinator startup, is among the many 50 enterprises in Africa that acquired equity-free funding and help from Google. Workpay stated its platform makes it potential for corporations to pay in 15 currencies throughout Africa and to rent in Africa legally with out the necessity to arrange a neighborhood entity. Its platform at the moment helps 400 companies.