PayDay raises $1m pre-seed fund to build the PayPal for Africa

 

  

With a strong and diverse team at the helm, the fintech firm is poised to build a successful platform for Africans to send and receive money around the world.

Kigali, Rwanda October 8th, 2021: Payday, a Pan-African financial technology company raised one million dollars to build out what they believe will be the “PayPal” for Africa. The company was backed by several investors including LofyInc, Microtraction, Magic Fund,

 Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc, Greencap Equity, Midlothian Angel Network, Emergence Capital, Olugbenga Agboola (GB), Charles Odita, Eke Eleanya, Adegoke Olubusi, Edmund Olotu (Bloc), Prosper Otemuyiwa (Eden), Dimeji Sofowora, Perseus Mlambo (Union54), Abdul Hassan (Mono), Onyekachukwu Somtochukwu Eyisi, and a host of other investors.

 

 

Nigeria's Favour Ori, CEO of Payday founded the company in May 2021 and kicked off its beta test in June 2021 with a cold launch in July. Within three weeks of launch, Payday successfully processed over $1.4 million in transactions.

Payday’s product offerings include sending and receiving money globally, getting paid by foreign employers and clients, issuing Virtual Mastercards, and paying tuition and other fees in the United States, Canada, and the United Kingdom.

 

 

Payday is also used by foreign businesses such as TalentQL (TechStars), Tupelo, and a slew of others to pay their employees in Africa for a variety of services such as payroll, taxes, and compliance.

Ntoudi Mouyelo-K, the Chief Investment Officer (CIO) of Rwanda Finance Limited, the agency in charge of the promotion and development of Kigali International Financial Center (KIFC) also welcomed the establishment of Payday in Rwanda. “Payday’s continental ambition will benefit from KIFC premier Pan-African financial network. The number of African and international investors supporting Payday is a recognition of Mr. Ori's innovative solution developed from Rwanda and it illustrates the attractiveness of Kigali International Financial Center as a new home for fintech in Africa.”  

“Payday’s solution is extremely timely and it backs up Africa’s agenda of a single market. Making it seamless and easy to pay people in their local currency and through multiple checkout options is a strong boost for AfCFTA” - ‘Bosun Tijani, co-founder and CEO, Co-Creation Hub