Paismo, an HR Tech startup, focusing on “hire to retire” solutions is revolutionizing the future of work in emerging markets.
Paismo has raised a seed round of $1.3 million in an oversubscribed round, taking its total funding to date to $1.5 million.
With its ‘made in Pakistan, for the world’ vision, Paismo’s software-as-a-service (SaaS) offering is built to provide solutions internationally while creating local impact. In Pakistan, Paismo focuses on key initiatives by increasing employee bank account openings and easier access to health benefits.
Paismo is a US/Pakistan-based startup backed by top global venture capital and regional investors, led by Indus Valley Capital, with participation from Antler and Jedar Capital. It is Pakistan’s first modern HR Tech, Payroll, and Benefit provider with the aim to go global, including markets such as MENA and SEA.
Aatif Awan, founder of Indus Valley Capital, and former VP of Growth & International at LinkedIn, says,
I saw firsthand at LinkedIn how software can create economic opportunity globally. With Paismo, we are excited about the opportunity to build an incredible ‘Made in Pakistan, for the World’ SaaS product to solve a huge problem for employers and employees across emerging markets.
Paismo is led by Co-Founders and UPenn Alumni Rebecka Zavaleta and Usama Mahmud. Rebecka has over a decade of product leadership experience in California, with a track record of global product releases with tech giants such as Google, Tiktok, and Facebook.
She also spearheaded the creation of a groundbreaking underwriting asset-backed leasing algorithm and helped create a Human-In-the Loop artificial intelligence patent. Usama, a Visiting Scholar at UPenn’s Graduate School of Education brings extensive expertise in driving large-scale public sector reform programs, having contributed to raising over $50 million for the Punjab education sector; this alongside his deep operational understanding of emerging markets positions Paismo for success.
Having worked globally, Rebecka and Usama were familiar with the new HR trends and had seen first-hand how far behind the HR practices in emerging markets were. In short, HR processes are either not streamlined or do not exist. This affects the work culture, business productivity, as well as employee motivation.
After engaging with hundreds of companies on the ground, the Paismo team deeply understands the challenges companies face in building businesses, as well as growing and retaining talent. Hiring is difficult, delivering payroll is painful, employees hardly have access to benefits, and business performance is suboptimal.
Paismo is utilizing technology to resolve the aforesaid challenges and providing a one-stop solution that can benefit employers and employees alike. In Rebecka’s words,
Paismo is not just another software, it goes beyond that. It is a product-led company, providing a customizable, user-centric solution, and actively integrating with strategic partners to foster access to benefits. We’re passionate about delivering a holistic experience to our clients.
Paismo’s vision is to redefine the new age of work in emerging markets. Sherif Nessim, the founder of Jedar Capital, a strategic MENAP venture capital, echoes
There is a huge need for HR services like payroll, benefits and administrative services in emerging markets where global players lack local culture understanding, it was clear that this should be home grown, and I was glad I had the opportunity to get in touch with Paismo founders at the very early ideation stage and saw their commitment on building a world-class product that can set them apart both at emerging markets and globally.
Markus Bruderer, partner at Antler, shares,
Paismo’s product offering and innovative approach aligns perfectly with the changing demands of the modern workforce and Antler’s mission to back visionary startups that drive positive change. We’re proud to partner with a homegrown Pakistani brand that is poised to redefine the future of work in emerging markets globally.
All three investing partners reflect Paismo’s strategic funding to grow globally and reaffirm Paismo’s position as an up-and-coming star in the HR Tech sector.
Since launching in Pakistan this year, Paismo has extended its solution to select businesses from across verticals. Taimur Mumtaz, Chief Executive of Fazal Din Pharma Plus (FDPP), was exploring options when he came across Paismo, “We were looking for a modern, easy-to-use solution to automate our HR and Payroll systems, and we found that in Paismo”.
To provide easy access to insurance and financial benefits, Paismo has partnered with Adamjee Insurance and MCB Islamic Bank, with other meaningful partnerships in the pipeline. “This collaboration marks a pivotal moment for workplace benefits in Pakistan,” said Ahmer Shoaib, Head of Commercial Operations of Adamjee Insurance. “Through this partnership, we are empowering businesses to offer their workforce the protection they deserve”.
Currently, Paismo invites businesses of all sizes to participate in a free product demo. All global businesses are welcome to ‘Open an Account’ at paismo.com. Pakistani businesses are encouraged to access discounted pricing through a referral from benefit partners, Adamjee Insurance or MCB Islamic Bank.
