[vc_row full_width=”stretch_row” pix_particles_check=”” css=”.vc_custom_1648218350020{padding-top: 80px !important;padding-bottom: 80px !important;background-color: #ffffff !important;}”] Pan-African neobank Payday has raised $3m in a seed round led by Moniepoint, with participation from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors. Payday provides global accounts to Africans in USD, EUR and GBP, as well as 20 other currencies, to support remote workers, freelancers and digital professionals. The company’s new capital will be used to secure operational licensing in the UK and Canada and to expand operations in the UK, where the company was recently incorporated. It will also be used to boost talent acquisition as the startup’s team complement expands from 35 to 50 employees.
Payday offers virtual Visa and Mastercards, which can quickly be generated using the Payday App, and enables Africans to send and receive money in the currency of their choice, regardless of location. The startup is currently operational in Nigeria, Rwanda and the UK and has over 330,000 users. Payday is onboarding over 100,000 new users a month and processing an average of 40,000 transactions per day, which results in the processing of several millions in USD per day.
The round also saw the expansion of the Co-Founding team with the addition of Elijah Kingson as Payday’s current CPO and Yvonne Obike, the company’s current COO. Payday’s team has also brought on board former Goldman Sachs and Expedia Product Manager, Sean Udeke as Head of Products. In February 2023, Payday became a payment partner for Starlink, operated by SpaceX, which now enables Nigerian and Rwandan citizens to purchase Starlink routers seamlessly.
Payday’s CEO and Founder, Favour Ori, said the funding would allow the company to reach more Africans, not only on the continent, but around the world, and that his company’s goal remained the same: to make it easy and accessible for anyone to access their payments when on the continent. Payday 3.0 was launched in January of this year, with new features such as global accounts, virtual cards and currency swaps, payment links, local bills payment and peer-to-peer transfers.
Source: africamoneydefisummit.com