Cadana, a trailblazing global payroll technology firm focused on emerging markets, has announced a significant milestone with the closing of a $7.4 million funding round. Led by Costanoa Ventures and supported by Better Tomorrow Ventures and 500 Startups, this investment underscores Cadana’s pivotal role in transforming payroll infrastructure across 32 countries, including Nigeria, Ghana, Brazil, Pakistan, UAE, and Nepal.
Founded by Albert Owusu-Asare and Ameer Shujjah, both fintech veterans with extensive experience in global financial institutions, Cadana addresses the critical gap in payroll solutions tailored for the intricacies of emerging economies. The company’s innovative APIs and white-label products empower leading global talent marketplaces and HR platforms to navigate local employment and tax regulations seamlessly.
Albert Owusu-Asare, CEO and co-founder of Cadana, highlighted the profound impact of their technology: “Our mission is to enhance the payroll experience for workers in regions where traditional solutions fall short. By focusing on both compliance and user experience, we’re facilitating timely, low-cost payments that significantly benefit workers and employers alike.”
Amy Cheetham, Partner at Costanoa Ventures, expressed confidence in Cadana’s potential to redefine global payroll norms: “Cadana has developed a suite of products perfectly attuned to the needs of emerging markets, setting a new standard for payroll efficiency and compliance. We’re excited to support their vision for a more inclusive and streamlined global payroll ecosystem.”
Cadana’s achievements include facilitating over $150 million in transactions and saving workers more than $2.5 million in fees over the past 18 months alone. With robust developer-friendly tools and real-time payment capabilities, Cadana is poised to expand its footprint and continue empowering millions of workers worldwide.
