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.<\/p>\n
Payday, a Pan-African financial technology company raised one million dollars to build out what they believe will be the \u201cPayPal\u201d 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, Prosper Otemuyiwa, Dimeji Sofowora, Perseus Mlambo, Abdul Hassan, Onyekachukwu Somtochukwu Eyisi, and a host of other investors.<\/p>\n
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.<\/p>\n
Payday\u2019s 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.
\nPayday 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.<\/p>\n
\u201cPayday\u2019s solution is extremely timely and it backs up Africa\u2019s 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\u201d – \u2018Bosun Tijani.<\/p>\n
Temi Awogboro, General Partner at MAGIC Fund said \u201cMagic is delighted to be an early backer of Favour and the Payday team in achieving their audacious vision of enabling swift borderless online payments services for Africa, thereby connecting its users with vast opportunities around the world.
\nThis aligns with our founders-backing-founders thesis and we are excited by the opportunity to support the team as they positively disrupt the space.\u201d<\/p>\n
“Africa is home to some of the most talented and ambitious entrepreneurs we see in the world today, and they are solving problems for one of the biggest markets on the planet. Sending money remains complicated, time-consuming and expensive but we believe Payday Africa has the vision to liberate Africans and the global diaspora to send and receive money quickly and affordably” says Sunil Sharma, Managing Director of Techstars Toronto.<\/p>\n
\u201cVentures Platform said we are thrilled to partner with Payday as they seek to ease the difficulty with moving money around Africa and across the world; this is even more critical as remote work opportunities continue to grow for young Africans\u201d – Kola Aina, General Partner, Ventures Platform.<\/p>\n