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Cadana Secures $7.4 Million to Enable Seamless, Compliant Payroll Services in Emerging Markets for Global Hiring Platforms

NEW YORK, June 20, 2024 (GLOBE NEWSWIRE) -- Cadana, a global payroll technology company that specializes in emerging markets, today announced it raised $7.4 million in funding to date led by Costanoa Ventures with participation by Better Tomorrow Ventures and 500 Startups. Cadana has purpose-built payroll APIs and a white-label product suite that global talent marketplaces and HR platforms can use to improve their payroll services for workers across more than 30 emerging economies including Nigeria, Ghana, Brazil, Pakistan, UAE and Nepal. The funds will be used to expand its team, accelerate product development and scale into new markets. The global freelancer market is a $1.3 trillion industry fuelled by over 200 million global knowledge workers, creating a need for solutions that automate payroll and streamline employment and tax regulations globally. However, most solutions currently don't build for the financial infrastructure of emerging markets where employment laws are more nuanced. It puts companies at risk of breaking local labor laws, while the experience for workers also suffers. Remote workers often wait up to seven days for wages and then lose 5-7% in remittance fees, which is a problem that disproportionately affects emerging economies. "Both my co-founder and I grew up in emerging markets, so we understand the unique challenges for workers in these regions and the difficulties receiving timely payments," said Albert Owusu-Asare, CEO and co-founder of Cadana. "Workers in these ...