Earnipay, a fintech startup in Nigeria, has raised $4million in venture capital to expand its earned-salary access solution

Earnipay, a Nigerian fintech company that offers income earners flexible and on-demand access to salary, has raised US$4 Million in seed capital to expand its product.

Canaan Ventures will lead the seed round. It also includes XYZ Ventures Village Global, Musha Ventures Ventures Platform Ventures Capital and Voltron Capital. Shola Akinlade, Paystack CEO, is part of the group.

Nonso onwuzulike created Earnipay last January. This connects the employer payroll with human resource management systems so that employees can get their earned pay quickly and interest-free.

After months of research and beta testing, the startup officially launched operations last month. It has served more than 20 companies, outsource firms and human resource solutions providers in Nigeria.

“Financial concerns are the leading source of professional distractions. The monthly pay cycle means that employees often find it difficult to meet their daily expenses, handle financial crises, and take advantage quick financial options. As a result, individuals become vulnerable to predatory payday lenders and become trapped in never-ending debt cycles marked by unrealistic payback timeframes and high-interest rates,” Onwuzulike explained.

Earnipay will use the funding to help accelerate the development its technology platform for large enterprise employers. It plans to offer its on-demand salarial solution to over 200,000 employees by the end of 2022.

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