Worky Raises $6 Million to Drive Growth and Accelerate Adoption of Cloud-Based HR and Payroll Solution in Mexico
Worky, an all-in-one HR and payroll software solution for Mexican companies, has announced the closure of a U.S. $6 million Series A financing round led by Atlántico, a Brazil-based fund, and with participation from ADP Ventures.
Founded in 2018 by Maya Dadoo and Carlos Marina, Worky aims to “modernize how companies recruit, manage and pay their employees,” particularly focusing on the often-overlooked operative workforce sector. Worky is focused on serving Latin America, starting with Mexico, where approximately 60 percent of the 20 million SME employees change jobs annually, significant impacting the country’s labor and economic productivity.
In 2022, Worky released Worky Payroll, Mexico’s first cloud-native payroll solution along with a robust shift management module. These innovations allow seamless integration of workforce operations and revenue variability processes like commissions and bonuses, enhancing compliance and efficiency through Worky’s real time payroll system.
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“Shaped by a strong regulatory tailwind, the payroll and HR market in Mexico is changing rapidly,” said Atlántico partner Ana Martins. “Companies are seeking cheaper and better solutions, where they can seamlessly run payroll while increasing flexibility in their everyday workflows. Through years of product development, Worky has managed to build a solution that is unmatched in the market, positioning itself to become the leading HR hub in Mexico.”
Since launching its payroll service, Worky has seen improved customer acquisition, as businesses seek reliable payroll solutions amidst fears of hefty fines prevalent in the sector. Worky + further promises to help companies avoid fines in payroll and IMSS (Mexican Social Security Institute) penalties given the recent Mexican Outsourcing Law regulations.
Worky is now the most comprehensive platform for HR and payroll administration for Mexican firms, integrating previously disparate systems. By using Worky, a company’s employee rotation is reduced by 30 percent in just three months. Moreover, job permanence has increased by an average of 80 percent, leading to increased financial performance for companies.
With this round of capital, Worky will fuel its mission to streamline HR and payroll processes for Mexican businesses. It plans to accelerate product development, expand sales and marketing efforts as well as strengthen the team as it bridges the gap between payroll management, data and employee benefits.
“Our market does not have the solutions that both employers and employees need to operate HR and Payroll simultaneously and efficiently,” said Worky CEO and co-founder, Maya Dadoo. “Worky has built the infrastructure to create a reliable payroll experience while having a permanent relationship with the employee. We currently serve customers across the board who are experiencing the pain of managing large workforces. We are ready to scale to this market where megatrends like the future of work and increased labor and payroll regulations are hitting hard.”
In this climate, Worky’s game-changing solution offers a unified HR, time and attendance and payroll platform that is designed to enable legal compliance, but also enhances efficiency and curbs operational costs.
Worky currently serves over 40,000 users in Mexico and is actively expanding its services to address the broader needs of the blue-collar industry, where the bulk of the Mexican workforce lies. “We look forward to working with Maya and the Worky management team to bring HCM innovation to Mexico and help to grow their client size,” said ADP DVP of strategy and business development, Maria Moreno.
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