Payday, an African fintech startup has secured a one million dollars pre-seed fund to continue with its efforts to enable swift global payments for Africans.
After the cold launch in June 2021, Payday has grown exponentially with over 5,000 users and $1.4 million in transactions successfully processed within the first three weeks with most of its users coming through referrals and “word of mouth”.
With the vision to become the “Paypal for Africa”, Favour Ori, founder and CEO of Payday said “several investors including LoftyInc Capital, Microtraction, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc, Greencap Equity, Midlothian Angel Network, Emergence Capital, Olugbenga Agboola (GB), have backed the company to achieve this goal”.
Other investors include; Charles Odita, Eke Eleanya, Adegoke Olubusi, Edmund Olotu (Bloc), Prosper Otemuyiwa (Eden), Dimeji Sofowora, Perseus Mlambo (Union54), Abdul Hassan (Mono), and Onyekachukwu Somtochukwu Eyisi.
Payday is facilitating sending and receiving money globally from Africa and enabling payments between foreign employers and clients. As well as issuing Virtual Mastercards, and paying tuition and other fees in the United States, Canada, and the United Kingdom.
Source : https://www.benjamindada.com/payday-to-build-paypal-for-africa/