Payday, a pan-African neobank issuing global accounts to Africans, has scored $3m in a seed funding round headed by Moniepoint.
Also taking part in the round was HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and a range of angel investors. This brings Payday’s total investment to date to $5.1m, following a $2m+ pre-seed round in 2021.
Payday 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.
The new capital raised will be deployed to secure operational licensing in the UK 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.
Payday CEO and founder Favour Ori 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.”
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