Investment of $7.1 million in seed funding granted to Cadana, allowing for expansion of payroll services in developing economies.
In the ever-evolving landscape of the talent marketplace, staffing firms, and HR providers, Cadana has emerged as a key player. Based in New York, this innovative company specialises in facilitating payroll operations for businesses operating in emerging markets.
Cadana's unique selling point lies in its customisable solutions. The company offers a white-label solution, custom component development, and tailored services to meet the specific needs of its clients. Global HR platforms like Deel and Rippling are seen as potential customers rather than competitors by Cadana.
The global freelance market, valued at $1.3 trillion, is supported by over 200 million knowledge workers. Recognising the potential in this vast market, Cadana allows businesses to compensate workers in over 32 emerging markets, including Brazil, Ghana, Nigeria, Pakistan, and the UAE.
Cadana's success is underpinned by its team of legal experts who possess deep knowledge of local labor laws across various regions. This expertise ensures compliance and smooth payroll operations in diverse markets.
In the past year, Cadana's revenue, generated from tiered pricing and fees, increased 11-fold. The company has also saved workers in these markets over $2.5 million in fees so far.
The company's co-founder and CEO, Albert Owusu-Asare, shared that Cadana's main customer base is in the U.S. and the U.K. Despite this, the customer base has tripled in the past year, though specific clientele was not disclosed.
Cadana has secured a total of $7.4 million in funding since its inception in January 2021. The most recent round of funding, a seed round, was led by Costanoa Ventures, with participation from Better Tomorrow Ventures and 500 Global.
The funds will be used to expand the team, accelerate product development, and scale into new markets. Amy Cheetham, partner at Costanoa Ventures, commented that Cadana addresses unique challenges faced by employees and employers in emerging markets.
Cadana simplifies the process for workers in these regions to access global job opportunities. The company offers more than eight flexible payment options for workers, including mobile money, bank accounts, and cards.
Cadana's other co-founder and CTO, Owusu-Asare and Ameer Shujjah, are both immigrants to the U.S. who met in college as computer science and physics majors. Their personal experiences may have contributed to Cadana's focus on serving emerging markets.
As Cadana continues to grow and innovate, it is poised to revolutionise payroll operations in the global talent marketplace.
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