Pade Handles ₦11 Billion in Salaries After Partnering with Flutterwave in 2023
PHOTO CREDITS: GOOGLE IMAGES
In the world of startups, there’s one company that’s been making waves recently: Pade. Pade is a startup that helps businesses with their HR functions, like managing payroll and onboarding new employees. Recently, Pade shared some exciting news on social media, and it caused quite a stir.
They revealed that in 2023, they processed a whopping ₦11 billion (which is about $12 million) in salaries for their clients. That’s a huge amount of money! And get this – they did it for over 100 businesses, with a total of 6,500 employees. That’s a lot of people getting paid!
Now, if we do some math, we can see that the average salary across all the companies Pade works with is ₦240,000. That’s eight times Nigeria’s minimum wage! It’s clear that Pade is helping businesses pay their employees well.
But here’s where it gets interesting: even though the average salary is ₦240,000, 60% of employees actually earn less than ₦150,000 per month. That means there are a lot of people out there who are working hard but not making a lot of money. On the other hand, 25% of employees earn more than ₦250,000 per month, which shows that some people are doing really well.
Pade has been growing really quickly since it started in 2022. In fact, the ₦11 billion they paid out in 2023 was a 41.1% increase from the previous year. A big part of that growth came from signing Flutterwave, a major Nigerian company, as a client. Once they got Flutterwave on board, other big companies started using Pade too, like Famasi, Risevest, Max, and Dantata.
The founders of Pade, Seye Bandele and Lekan Omotosho, used to work in HR departments at big companies, so they know a lot about how HR works. They decided to build Pade to help other businesses with their HR needs. Their main product is a payroll software that businesses can subscribe to. They also help with things like paying taxes and pensions for their clients.
Photo credits: Google
In 2023, Pade launched a new feature called Earned Wage Access (EWA). This lets employees get some of their salary before payday, which can be really helpful if they need money urgently. Pade charged a small fee for this service, and they paid out ₦3 million through EWA last year.
But offering EWA to employees came with its own challenges. Pade had to make sure they communicated clearly with employees so they understood how it worked.
Looking to the future, Pade has some exciting plans. They’re working on a feature that will let employees save and invest part of their salary. They’re also building a tool for HR consultants and small business owners who need help with payroll.
Pade has already raised $500,000 in funding, and they’re looking for more. They’ve been supported by programs like the Microsoft-backed FAST startup accelerator and Expert Dojo, an international startup accelerator. And they’re aiming to make $1 million in revenue in 2024.
So, it’s clear that Pade is doing some really interesting things in the world of HR. With their innovative products and fast growth, they’re definitely a company to watch out for in the future.
