Cadana's Groundbreaking Approach to Global Payroll Services
June 21, 2024, 9:34 pm
In a significant development, Cadana, a pioneering global payroll technology company based in New York City, has recently secured a substantial $7.4 million in funding. This funding, led by Costanoa Ventures and with participation from Better Tomorrow Ventures and 500 Startups, marks a pivotal moment for Cadana as it continues to revolutionize payroll services in emerging markets.
Founded in 2021 by Albert Owusu-Asare, an immigrant from Ghana, and Ameer Shujjah, an immigrant from Pakistan, Cadana has quickly established itself as a leader in the industry. The company specializes in providing innovative payroll solutions for workers in over 30 emerging economies, including Nigeria, Ghana, Brazil, Pakistan, UAE, and Nepal.
Cadana's unique approach involves the development of payroll APIs and a white-label product suite that can be seamlessly integrated into global talent marketplaces and HR platforms. This integration allows for improved payroll services and enhanced efficiency for workers in diverse regions with varying regulatory frameworks.
One of the key strengths of Cadana's offerings is its focus on compliance with local employment and tax regulations. By building a network of localized infrastructure, Cadana ensures that its solutions adhere to all relevant laws, thereby reducing the risk of fraud and liabilities associated with non-compliance.
Over the past 18 months, Cadana has facilitated more than $150 million in transactions across 32 countries, while also saving workers a significant amount in fees. This impressive track record underscores the impact that Cadana's solutions have had on the global workforce, particularly in regions where traditional payroll systems may be inadequate or inefficient.
The recent funding round will enable Cadana to expand its team, accelerate product development, and scale into new markets. With a focus on enhancing the overall payroll experience for both employers and employees, Cadana is well-positioned to drive positive change in the global payroll industry.
In a statement, Albert Owusu-Asare, CEO and co-founder of Cadana, emphasized the company's commitment to addressing the unique challenges faced by workers in emerging markets. He highlighted the importance of timely payments and reduced remittance fees, factors that can have a significant impact on the livelihoods of workers in these regions.
Overall, Cadana's innovative approach to global payroll services has garnered attention and support from investors and industry experts alike. As the company continues to grow and expand its reach, it is poised to make a lasting impact on the way payroll services are delivered and experienced around the world.
Founded in 2021 by Albert Owusu-Asare, an immigrant from Ghana, and Ameer Shujjah, an immigrant from Pakistan, Cadana has quickly established itself as a leader in the industry. The company specializes in providing innovative payroll solutions for workers in over 30 emerging economies, including Nigeria, Ghana, Brazil, Pakistan, UAE, and Nepal.
Cadana's unique approach involves the development of payroll APIs and a white-label product suite that can be seamlessly integrated into global talent marketplaces and HR platforms. This integration allows for improved payroll services and enhanced efficiency for workers in diverse regions with varying regulatory frameworks.
One of the key strengths of Cadana's offerings is its focus on compliance with local employment and tax regulations. By building a network of localized infrastructure, Cadana ensures that its solutions adhere to all relevant laws, thereby reducing the risk of fraud and liabilities associated with non-compliance.
Over the past 18 months, Cadana has facilitated more than $150 million in transactions across 32 countries, while also saving workers a significant amount in fees. This impressive track record underscores the impact that Cadana's solutions have had on the global workforce, particularly in regions where traditional payroll systems may be inadequate or inefficient.
The recent funding round will enable Cadana to expand its team, accelerate product development, and scale into new markets. With a focus on enhancing the overall payroll experience for both employers and employees, Cadana is well-positioned to drive positive change in the global payroll industry.
In a statement, Albert Owusu-Asare, CEO and co-founder of Cadana, emphasized the company's commitment to addressing the unique challenges faced by workers in emerging markets. He highlighted the importance of timely payments and reduced remittance fees, factors that can have a significant impact on the livelihoods of workers in these regions.
Overall, Cadana's innovative approach to global payroll services has garnered attention and support from investors and industry experts alike. As the company continues to grow and expand its reach, it is poised to make a lasting impact on the way payroll services are delivered and experienced around the world.