Favour Ori Payday has become the first Rwandan startup to join Techstars
Favour Ori's Payday has become the first Rwandan startup to join Techstars
A Pan-African Fintech startup founded by Favour Ori, Toronto Payday has become the first Rwandan company to join the prestigious Techstars Toronto Accelerator program, which has been running for more than a decade.
Payday is a payment platform that was created to make it easier for Africans all over the world to make quick payments. It was only last week that the company announced the acquisition of $1 million in pre-seed funding to aid in the scaling of the organization's operations.
A venture capital firm dedicated to assisting founders and early-stage entrepreneurs in turning their vision into a thriving business, Techstars was founded in 2005. The goal of the three-month accelerator program is to provide entrepreneurs with priceless skills, resources, and connections to a large pool of global talent and investors through a series of workshops and seminars.
During Demo Day, which will take place at the conclusion of the program, selected startups will have the opportunity to pitch to a carefully curated group of investors.
When asked about the selection, PayDay's CEO Favour Ori said it was an excellent opportunity for the startup to learn and develop a pan-African platform for financial inclusion.
With Payday's inclusion in this program, one of the world's most prestigious early-stage investor communities has given their seal of approval to the company. Also highlighted is the potential of the business model and the company's commitment to developing innovative payment solutions that will make it easier for Africans to transfer money across international borders.
Before accepting a company into the program, Techstars conducts an initial evaluation of the founders and team. This is followed by a determination as to whether or not the team can add additional value and disrupt the industry in which they operate.
The founders of Payday and their team are best described as "resilient." Favour Ori was found guilty of extortion and abuse of authority while serving as CEO of WeJapa and was forced to resign as a result of the conviction. Despite this, he has gone on to become the CEO of another lucrative company.
Managing Director Sunil Sharma of Techstars Toronto says that Payday's recent growth confirms his and his team's confidence in the startup's potential.
Another group of African startups selected for Techstars Toronto's October 2021 class includes Lenco, OurPass, Healthtracka, Rent Small Small, Kyshi, Duhga, and Fleri in addition to the others.
Win for Rwanda
PayDay's headquarters are in Rwanda, so this is a significant victory for the country as well as for the company. Rwanda has experienced one of the most remarkable turnarounds the world has seen in a generation, according to the International Monetary Fund.
During the coronavirus pandemic, the East African country made headlines for incorporating the use of robots to control the virus's spread, which was unprecedented at the time. On the continent, Rwanda is also a trailblazer when it comes to integrating technology into the medical field. The country has been using drones to deliver blood to hospitals across the land of a thousand hills for several years.
Rwanda has established itself as a well-known technology hub in Africa, having created the type of technological eco-system that attracts both investors and start-up entrepreneurs alike. With the help of the Rwandan government and other partners, Andela has established a technology hub in the country.
A total of 15 unicorns are housed at Techstars. A few of the more notable ones are SalesLoft, SendGrid, ZipLine, Chainalysis, and DataRobot to name a few. Payday is confident that they will be the next to get paid.
