Nigerian Fintech Earnipay Raises USD 4 Mn Seed Funding

Earnipay, a fintech that provides flexible and on-demand salary access to income-earners, has raised USD 4 Mn in seed financing led by early-stage venture capital firm Canaan. Other investors in the round include XYZ Ventures, Village Global, Musha Ventures, Voltron Capital, Ventures Platform, and Paystack CEO Shola Akinlade.

The platform integrates with companies’ existing payroll or HRM systems to offer its services to employees, who can then track and withdraw their accrued salaries via the app. Employees’ salaries are prorated daily and companies can set limits for the percentage of salaries employees can withdraw each month. Earnipay will use this seed funding to target large enterprises and shift its focus regionally.