Payday, a Pan-African financial technology company that issues global (USD, EUR, and GBP) accounts to Africans, has announced a $3 million funding round to fuel its “future of work” plan through borderless payment alternatives in major currencies.
The most recent seed round was led by Moniepoint Inc., formerly TeamApt Nigeria. Techstars, HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II, and individual investors such as Dare Okoudjou, CEO of MFS Africa, and Tola Onayemi, CEO of Norebase also participated in the round. Established investors such as Angels Touch and Techstars quickly followed suit.
“We are building TransferWise for Africa; we want our customers to move money faster with the bank accounts and cards we issue. Other platforms focus on Africans in the diaspora; we’re focusing on people in Africa while planning to focus on those abroad by expanding to the U.K.,” CEO and Co-founder Payday, Favor Ori said.
The seed round is the newest raise for the fintech platform since it launched two years ago, following a $1 million pre-seed round a few months ago. Favour Ori established the startup in May 2021 to provide fast payments to Africans all over the world.
In addition, it is the first Rwandan business in history to be accepted into the prestigious Techstars Toronto Accelerator programme. The two-year-old company recently signed on as a funding partner for SpaceX’s Starlink. Users in Nigeria and Rwanda can now buy Starlink routers through the cross-border payment platform.
Payday’s Latest Advancements
Favour Ori’s Payday is assisting customers in 11 African countries, including Rwanda, where it first established its headquarters due to its business-friendly environment, in accessing a remittance platform where most financial services are accessible and available.
Payday enables remote workers and freelancers in Africa, particularly Rwanda, and Nigeria, to send and receive money in 20 various currencies, including US dollars, British pounds, and euros. They, like those in the diaspora who labor remotely for foreign organizations, can now be paid and withdrawn in their preferred currency.
Furthermore, the platform provides options for local bill payment, peer-to-peer payments, currency swaps, payment links, virtual dollars, and naira cards (which enable Nigerian users to make purchases on foreign platforms), and virtual dollars and naira cards.
Although other fintech platforms commonly provide it, Payday is changing the scene and forcing rivals to compete on speed and lower fees or rates.
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