Finclusion Group buys stake in payroll software start-up HelloHR
The acquisition forms part of Finclusion Group’s strategy to provide holistic financial wellness products through employers, and will aid HelloHR customers by giving them access to Finclusion Group’s wage-streaming, financial wellness and insurance products, says the fintech firm.
Finclusion CEO Timothy Nuy says the acquisition marks the start of a symbiotic partnership that enhances both companies’ individual product offerings.
“HelloHR will contribute to the Finclusion Group platform, strengthening all offerings through improved customer experience and increased customer retention rates. The relationship allows the group to provide employers in SmartAdvance access to payroll services.”
Bernard Bravenboer, founder of HelloHR, says the value provided by the combination of infrastructure of payroll administration and employee benefits is typically only seen in large corporate organisations.
“This partnership democratises access to financial wellness products and access to earned wages, and can give a much-needed boost to the employee experience. We know that small and medium businesses are the future of South Africa, and this is where we can play our part.”
HelloHR provides a cloud-based payroll solution connecting accountants, organisations and employees, and works closely with the Xero cloud-based accounting software in South Africa.
Accessible through a web application, the tool automates the payroll process, including the necessary leave and tax adjustments, thus saving time and reducing the chance of human error, says Finclusion.
In addition, it notes, the user interface provides a platform for administrators to relay all payroll-related information, with tailored user experiences designed specifically for each access level.