Fintech Startup Finclusion Invests In South Africa’s HelloHR, a cloud-based accounting software. HelloHR is a cloud-based payroll solution that connects accountants, businesses, and employees. They collaborate closely with Xero, one of Soth Africa’s most popular cloud-based accounting software.
This web-based program automates the payroll process, including applicable leave and tax adjustments, saving time and decreasing the risk of human mistakes, while also offering a platform for administrators to communicate all payroll-related information.
Finclusion Group’s investment in HelloHr gives Finclusion Group a significant minority stake in the company, allowing HelloHr to provide financial wellness and insurance solutions to its customers while also benefiting from Finclusion Group’s vast product and package offerings.
The value provided by the integration of payroll administration infrastructure and employee benefits is witnessed frequently in major business organizations, according to Bernard Bravenboer, Founder of HelloHR.
In his statement, he said,
“This partnership democratises 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”.
Another win-win situation for Finclusion Group is that as an outcome of this investment, they will be capable of providing businesses with holistic financial wellness products such as wage-streaming, monetary wellbeing, and insurance. Finclusion, a Mauritius-based company, uses powerful, proprietary AI algorithms and their credit, risk, and technological skills to provide financial services conveniently and effectively.
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Timothy Nuy, Chief Executive Officer (CEO) of Finclsuion Group, stated that this investment marks the start of a harmonious partnership that will expand 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.”
Finclusion Group recently received a US$20 million funding round from Lendable, a leading fintech debt financing provider, which it intends to use to expand its reach in East and South African markets. The HelloHR agreement is a part of that.
