Wednesday, September 27, 2023

Pakistan’s Startup Paismo Raises $1.3 Million to Transform Outdated HR Functions

A Pakistani startup called Paismo, which focuses on HR technology, shared that it successfully raised $1.3 million in a seed funding round on Tuesday. The main investor in this round was Indus Valley Capital, and Antler from Singapore and Jedar Capital from New York also joined in.

Paismo provides its software-as-a-service (SaaS) product through subscription plans. They said that a lot of people wanted to invest in their company, and the money they got will be used to make their team bigger and cover the costs of running the business.

This round of funding brings the total amount of money Paismo has received to $1.5 million. Before this, they got $200,000 in November 2022, according to data from Crunchbase.

Paismo’s SaaS product is made to be useful around the world while also helping with local needs. In Pakistan, they work on making it easier for employees to open bank accounts and get health benefits. They want to be the first modern HR tech, payroll, and benefits provider in Pakistan, and also work in places like the Middle East and North Africa (MENA) and Southeast Asia.

Two people from the University of Pennsylvania, Rebecka Zavaleta and Usama Mahmud, started Paismo in November. They use technology to make HR processes better and fix things that don’t work well.

They make it easy for companies to manage things like attendance, timesheets, and payroll, and they also have a mobile app for people to see their payslips. They’ve also teamed up with Adamjee Insurance for benefits and MCB Islamic Bank for financial rewards.

The two founders have a lot of experience. Zavaleta has worked at big tech companies like Google, TikTok, and Meta (used to be Facebook) for ten years. Mahmud has been an advisor to the government on education changes and raising money.

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