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By Kehinde Akinseinde-Jayeoba | Lagos
PAYDAY, the leading Pan-African neobank issuing global (USD, EUR & GBP) accounts to Africans, has announced a $3 million seed round, led by Moniepoint Inc, with participation from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors, Dare Okoudjou Founder and CEO of MFS Africa & Tola Onayemi CEO of Norabase.
They join follow-on investors Techstars, Angels Touch, Ingressive Capital & Now Venture Partners. Along with existing investors Ethos VC, MAGIC Fund, Ventures Platform, Voltron Capital, and others.
This brings Payday’s total investment to date to $5.1 million, following a $2 million pre-seed round in 2021.
In an oversubscribed round, the new capital raised will be deployed to secure operational licensing in the United Kingdom and Canada, while building out operations in the United Kingdom, where the company has recently been incorporated.
Funding will also be used to boost talent acquisition as the startup’s team complement expands from 35 to 50 employees, as Payday looks to further fuel the future of work through borderless payment alternatives in major currencies.
Commenting on the fundraise, Favour Ori CEO and Founder of Payday said, “We’re thrilled that this round of funding will lay the foundation for the continued growth of our platform as we expand our services to a wider audience. This investment represents a significant milestone for our company and we are grateful for the trust and commitment shown by our investors both existing and new.
We’re amped to scale our platform and reach more Africans, not only on the continent, but around the world. Our passion for empowering individuals and businesses with convenient and secure payment solutions is tangible, and we believe that this funding will allow us to do so on an even greater scale”.
“Our goal remains the same: to make it easy and accessible for anyone to access their payments when on the continent, and with this new funding, we are one step closer to achieving that vision,” concluded Ori.
Tosin Eniolorunda, CEO of Moniepoint Inc shared, “At Moniepoint, we’re excited about the unique things Favour and the team are doing with Payday. Personally, I connect deeply with his drive, technical depth, and desire to execute. The urge to encourage that fire inspired us to want to be a part of this.
Launched in June 2021 by Favour Ori, Payday, the first Rwandan company in history to join Techstars, was developed to support African remote workers, freelancers and digital professionals with frictionless, borderless payments, enabling global payment processing from over 130 countries. The startup permits those on the continent and in the diaspora, to send and receive money in USD, GBP, Euros and 20 other currencies, allowing Africans to work remotely for international organisations, and be paid and withdraw money in the currency of their choice regardless of location.
Currently operational in Nigeria, Rwanda and the UK, Payday offers its 330,000+ users virtual Visa and Mastercards, which can quickly be generated using the Payday App. Onboarding 100,000+ new users a month and processing an average of 40,000 transactions per day, Payday processes several millions in USD per day as a result of its increasing user base.
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