HR tech startup Paismo and one of the country’s largest commercial banks Bank Alfalah have signed a partnership for payroll management, aiming to empower the latter’s businesses with seamless HR and payroll services while enhancing financial accessibility for employees.
According to details revealed by Paismo, the startup that announced a $1.3 million seed round in August 2023, the partnership will lead to an efficient and cost effective HR management system.
“We are thrilled to announce Paismo HR and Bank Alfalah Limited have signed a strategic partnership to transform payroll management for businesses nationwide,” Paismo stated in a LinkedIn post earlier.
“Bank Alfalah is one of the leading banks in Pakistan, with over 1,000 branches in 200 cities. This collaboration combines Paismo’s cutting-edge people management technology with Bank Alfalah’s expansive reach, unlocking seamless HR management and payroll solutions for over thousands of businesses.
“This partnership aims to drive innovation, provide value-added solutions for Bank Alfalah customers and empower businesses with seamless HR and payroll services while enhancing financial accessibility for employees.”
The startup was co-founded in November 2022 by CEO Rebecka Zavaleta and COO Usama Mahmud.
Mahmud said the company has been pursuing other markets as well.
Paismo utilises technology to streamline HR processes and address the challenges of inefficiency. Among its functions include the integration of attendance and timesheets to payroll and making accessible the payslip for employees via mobile app.
“We have also expanded to other markets such as Kenya. And we are forming similar partnerships there. A lot of the pain points that businesses and employees face in emerging markets are similar.
“Over the last year, we have added a range of new features to our software, which caters to complex use cases in the market as well.”
Mahmud added that over the past year Paismo has significantly expanded its suite of offerings, enhancing core features such as attendance tracking, policy and performance management, payroll digitization, ERP integrations, and actionable insights.
“The platform has also introduced seamless integrations, broadening its appeal from small and medium-sized businesses (SMBs) to large enterprises. Additionally, Paismo has prioritized user empowerment by introducing more customizable options, enabling businesses to tailor key features to their unique needs.
“Looking ahead to 2025, Paismo is focused on leveraging artificial intelligence to optimise its platform further, delivering smarter, more efficient solutions.”
American Dollar Exchange Rate