Payday, a new fintech startup, has recently announced that it has raised $3 million in a seed round led by Moniepoint Inc. (formerly TeamApt). This fresh capital will be used to expand Payday's financial presence in Western markets, especially the United Kingdom and Canada.
Payday allows individuals and businesses to send and receive money in 23 currencies, including USD, GBP, and EUR, from over 130 countries. It was launched in June 2021 by its CEO and Founder, Mr. Favour Ori, with a mission to empower remote workers in Africa by facilitating global payments.
Payday's success can be attributed to its innovative product, Payday 3.0, which was launched in January. The product has evolved into a super app with features such as local bill payments, virtual naira cards, and payment links. In February, Payday also became a payment partner for Starlink, operated by SpaceX.
According to Mr. Ori, Payday has processed an average of 40,000 transactions per day worth millions of dollars and adds 100,000 users monthly, bringing its base to 330,000 users. This growth has enabled Payday to secure additional funding of over $3 million in a seed round, following its pre-seed round of over $2 million in 2021.
The new capital raised will be used for licensing to get their UK entity and operations off the ground while expanding to Canada. The company will also grow its talent base by 40–50 employees, with many joining the customer success department. Additionally, two new talents will join the co-founding team: Mr. Elijah Kingson as Payday’s CPO and Mrs. Yvonne Obike as Payday’s COO.
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