Cadana Raises $7.1M to Transform Remittance Services for African Professionals
What’s this about?
- Cadana, a fintech startup focused on emerging markets, has secured $7.1 million in seed funding led by Costanoa Ventures to enhance remittance and payroll services for African professionals.
- The company has built a robust local infrastructure, integrating payment systems and compliance measures, to offer efficient payroll solutions across over 32 emerging markets, with a focus on Nigeria and Ghana.
- Cadana’s services include innovative APIs and white-label products that reduce remittance fees and provide real-time payments, along with opportunities for workers to invest in US dollar-denominated assets.
Zoom in…
Cadana, a fintech startup with a focus on emerging markets, has secured $7.1 million in seed funding to revolutionise remittances for African professionals.
This financial injection which was led by Costanoa Ventures, including contributions from Better Tomorrow Ventures and 500 Startups is aimed at improving Cadana’s payroll services, which cater to international hiring platforms and financial institutions.
By the numbers
Founded in 2021 by Albert Owusu-Asare from Ghana, who serves as the CEO, and Ameer Shujjah from Pakistan, the CTO, Cadana specializes in simplifying payroll processes for a variety of clients, including talent marketplaces, staffing firms, and human resources providers.
Cadana’s services enable businesses to compensate their workforce across more than 32 emerging markets, with a particular focus on countries like Nigeria and Ghana. The company’s innovative application programming interfaces (APIs) and white-label products enable global workforces to seamlessly incorporate payment processing and payroll management into their existing systems, thereby circumventing the problems associated with local employment laws and high remittance fees.
Cadana’s solutions are designed to provide a more efficient and cost-effective payroll experience for both employers and remote workers in emerging markets.
In addition to these integrations, Cadana has introduced the capability for real-time payments, charging fees of less than $3, which is a significant reduction compared to the typical remittance fees. The company also provides workers with the opportunity to invest in assets denominated in US dollars, such as stocks, offering them a way to diversify their financial portfolios.
What they’re saying…
Albert Owusu-Asare, the CEO of Cadana, said that the company is committed to addressing the specific challenges faced in these markets. “We have concentrated our efforts on establishing a strong local infrastructure to tackle these issues. Over the last three years, we have worked on integrating local payment systems, ensuring compliance, and incorporating benefits systems to enhance our service offerings and better fulfill the requirements of our customers.”
Bottomline
Since its launch, Cadana has accumulated a total of $7.4 million in investment capital, which includes an initial $325,000 of pre-seed funding raised during the year of its founding. The company aims to help African talent and those in other emerging markets to access global employment opportunities.
Source: techmoran.com
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