TLDR:
- Cadana, a global payroll technology company based in NYC, raised $7.4M in funding.
- The round was led by Costanoa Ventures with participation from Better Tomorrow Ventures and 500 Startups.
In a recent announcement, Cadana, a NYC-based global payroll technology company specializing in emerging markets, revealed that it has raised $7.4 million in funding. The funding round was led by Costanoa Ventures, with participation from Better Tomorrow Ventures and 500 Startups. The company, founded in 2021 by Albert Owusu-Asare and Ameer Shujjah, immigrants from Ghana and Pakistan respectively, focuses on providing payroll APIs and white-label products to global talent marketplaces and HR platforms. These tools aim to improve payroll services for workers across more than 30 emerging economies, including Nigeria, Ghana, Brazil, Pakistan, UAE, and Nepal. Cadana’s offerings allow for seamless integration into existing systems, helping global workforce platforms manage payments and payroll efficiently. The company has established a network of localized infrastructure to ensure compliance with local employment and tax regulations, reducing the risk of breaking laws unintentionally. Over the past 18 months, Cadana has facilitated over $150 million in transactions across 32 countries, saving workers more than $2.5 million in fees. The recent funding will be used to expand the team, accelerate product development, and enter new markets, further solidifying Cadana’s presence in the global payroll technology sector.
