Payday, a new fintech startup founded by Favour Ori, has raised $1 million in pre-seed funding
Payday, a new fintech startup founded by Favour Ori, has raised $1 million in pre-seed funding
Pre-seed funding has been raised by Payday, a Pan-African financial technology company. The company has raised $1 million in total. According to the startup, the funds raised will be used to develop an online payment system that is comparable to PayPal in functionality.
As stated in the announcement, the funding round was supported by a number of investors, including LofyInc, Microtraction, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc., Greencap Equity, Midlothian Angel Network, and Emergence Capital, amongst others.
In addition to the institutional investors, individual investors participated in the round. There were also contributions from Olugbenga Agboola (GB), Charles Odita, Eke Eleanya, Adegoke Olubusi, Edmund Olotu (Bloc), Prosper Otemuyiwa (Eden), Dimeji Sofowora, and a number of other players.
In order to provide fast payments for Africans all over the world, Payday was established in 2010. Company's goal is to become the one-stop shop for cross-border payments in Africa and other parts of the world.
Favour Ori founded the company in May 2021, just a few months after he stepped down as CEO of Wejapa, which he had previously led. According to the reports of the independent investigator hired by the company, Favour was found guilty of extortion and high-handedness.
Payday's beta test began a month later, and the service went live in July without any fanfare. According to the startup, over $1.4 million in transactions were processed in the first three weeks following the launch.
The continent of Africa has significant potential for many organizations, particularly those that require online payments.
When asked about the investment, Bosun Tijani, co-founder and CEO of Co-Creation Hub, mentioned the startup's ability to provide services in a timely manner.
Transferring money internationally, receiving payments from foreign employers and clients, issuing Virtual Mastercards, and paying tuition and other fees in the United States, Canada and the United Kingdom are just some of the services provided by Payday.
Payday can also be used by foreign companies with African employees to manage their payroll, taxes, and compliance requirements, among other things. The platform can be obtained through the Google Play and Apple App stores. It has already received over 1,000 downloads on Google Play, with an average rating of 4.5 stars.
Because of Rwanda's business–friendly environment, market accessibility, and geographic centrality, Payday is considering establishing its headquarters there. Rwanda is quickly emerging as a hotspot for technological hubs due to its business–friendly environment, market accessibility, and geographic centrality.
Mr. Ntoudi Mouyelo-K, the Chief Investment Officer (CIO) of Rwanda Finance Limited, the organization in charge of the promotion and development of the Kigali International Financial Center (KIFC), expressed his delight at the introduction of Payday in the country.
