Cercli, a payroll startup launched in January 2024, has raised $4 million in seed funding, led by Afore Capital, which marks its first investment in the MENA region.
Cercli aims to position itself as the “Rippling for the Middle East and North Africa” by simplifying payroll management for SMEs and enterprises. The funding will be used to expand the team, develop new products, and enhance its market presence, addressing challenges the founders faced while working at major regional unicorns, Careem and Kitopi.
Co-founded by Akeed Azmi and David Reche, Cercli has seen rapid growth, reporting a 25% month-on-month increase in its user base and processing over $23 million in employee salaries across 31 countries. The idea for Cercli was born when Azmi and Reche realized that local businesses, including their own, were struggling with complex payroll systems and high compliance costs due to human error.
Azmi, who previously managed global payroll operations at Kitopi, identified a significant market gap. “I was doing what Deel [HR and payroll company] was doing at Kitopi,” Azmi explained, referring to the complex process of managing payroll across multiple countries without a reliable system in place.
To validate their idea, the Cercli team conducted extensive research, interviewing over 30 companies ranging from corporate giants like Saudi Aramco to small businesses in Dubai. They discovered that smaller companies often rely on error-prone spreadsheets, while larger enterprises spend millions on complex ERP solutions like Microsoft Dynamics, Oracle, and SAP to manage payroll in-house.
In response, Azmi and Reche launched Cercli to offer a unified payroll management system tailored to the unique needs of the MENA region. The software integrates various functions, from payroll processing to compliance management, making it easier for companies to manage both local and global workforces. Cercli aims to reduce human error and ensure full compliance for businesses, replacing individual HRIS systems and other remote payroll solutions like Deel and RemotePass with a more efficient platform.
Moving forward, Cercli will focus on mid-market enterprises, where the need for integrated and compliant payroll solutions is most pronounced. With its recent funding, the company is poised to make a significant impact on payroll management across the MENA region, helping businesses navigate the complexities of payroll with greater ease and efficiency.
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