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Pade disbursed ₦11.473 billion in salaries for its clients in 2023

In 2023, Pade paid out ₦11.473 billion in salaries for its clients, recording a 41.1% average annual increase. The average salary disbursed was ₦240,000.

Pade disbursed ₦11.473 billion in salaries for its clients in 2023
Co-founders of Pade, Lekan Omotosho and Seye Bandele

In 2023, Nigerian HRTech company, Pade paid out ₦11.473 billion worth of salaries to employees of its clients such as Flutterwave, Famasi, Risevest, Max and Dantata. This is a 41.1% average annual increase from the ₦7.245 billion that the onboarding and payroll management platform disbursed last year, according to its 2023 Year in Review report.

Since its launch, Pade has disbursed a total of ₦24.485 billion in salaries. Additionally, the startup processed ₦104 million in tax and pension payments for its clients last year.

In 2020, Seye Bandele—a former marketing lead at Yudala and Konga, and Lekan Omotosho—a former consultant to Nigerian state governments and the FCT co-founded Pade, with a mission to build the simplest and most efficient people operations platform. The startup raised a $500,000 pre-seed last year to double down on its operations.

"Before Pade, I had to manually make remittances, follow up to make sure taxes and pensions were remitted, make payroll manually and check with the team if they have received their salaries," Adeola Ayoola, CEO of Famasi, a Nigerian healthtech startup, said.

Although Pade works with clients from various sectors, the startup highlighted that its largest clientele includes those in financial services, construction and engineering, and consulting industries. Additionally, the average salary disbursed by Pade to over 6,500 employees of its clients last year was ₦240,000 ($266.90), with 60% earning less than ₦150,000 and 25% earning more than ₦250,000.

Three months of Pade's EWA

In October, Pade launched an Earned Wage Access (EWA) feature to help employees be paid before payday to cushion the impact of the continued inflation on the continent, especially in Nigeria.

"EWA enhances employee engagement and productivity. It's a win-win for both sides," Seye Bandele, co-founder and CEO of Pade, said. "It provides employees with access to their earned wages when needed, instead of the typical end-of-month remuneration, helping to reduce financial stress and enhance retention."

Within the last quarter of 2023 when the feature was introduced, Pade disbursed ₦3.07 million in earned wages, out of the requested ₦3.59 million. The report didn't state why the requests were denied.

"The turnaround in addressing leave requests, loans, salary advances and expense reimbursement has been very impressive," according to David Omojuwa, the HR & admin manager at Nikky Taurus, a Nigerian fleet management company.

Breakdown of some disbursements by Pade in 2023

"From onboarding to exit and everything in between, we will continue to develop the technology tools that help Africans become more efficient, accurate, and productive in their daily lives," co-founders Bandele and Omotosho said in the review.

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