Finclusion Group has announced the acquisition of a strategic stake in HelloHR, a South African payroll software startup. The acquisition forms part of Finclusion Group’s strategy to provide holistic financial wellness products through employers, and will aid HelloHR customers by giving them access to Finclusion Group’s wage-streaming, financial wellness and insurance products.
Finclusion CEO Timothy Nuy says that the acquisition marks the start of a symbiotic partnership that enhances both companies’ individual product offerings.
“HelloHR will a 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.”
Bernard Bravenboer, Founder of HelloHR says that the value provided by the combination of infrastructure of payroll administration and employee benefits is typically only seen in large corporate organisations.
“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.”
HelloHR provides a cloud-based payroll solution connecting accountants, organisations, and employees and works closely with Xero, the leading cloud-based accounting software in South Africa. Accessible through a web application, the tool automates the payroll process including the necessary leave and tax adjustments, thus saving time and reducing the chance of human error.
In addition, the intuitive user interface provides a platform for administrators to relay all payroll-related information, with tailored user experiences designed specifically for each access level.
Global leaders such as Gusto and Zenefits have successfully achieved Unicorn Status on the back of building strong payroll and benefits businesses – in Africa, there is a huge opportunity as the space remains largely fragmented and underserviced.
HelloHR is well-positioned to become a leading wage-streaming distribution platform – as many of the employers on the continent are still under legacy payroll systems, making it hard for pure-play lending firms to offer tailored solutions.
Also read: African FinTech Platform Finclusion Group Raises R283 Million Expansion Funding
