Pan-African fintech Payday a financial services company has completed a $1 million pre-seed funding round to create the next “PayPal for Africa” in a round that drew participation from several top VC firms in the continent, among them LofyInc Capital, Microtraction Limited, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc, Greencap Equity, Midlothian Angel Network, Emergence Capital. Also participating are leading individual investors such as Olugbenga Agboola, 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.
Payday’s platform is created to provide swift payments for Africans internationally. The company works to be the one-stop shop for people looking to move money in and out of the continent. Payday was founded in 2021 by Nigeria’s Favour Ori and is showcasing the beta version. Three weeks into its launch, over $1.4 million transactions have been successfully processed.
Payday’s product offerings involve sending and receiving money payments globally including getting paid by foreign clients and their employers who are issuing virtual Mastercards, paying tuition and other fees in Canada, the United States, and the United Kingdom. TalentQL, Tupelo, and several others pay their employees through a variety of services such as taxes, payroll, and compliance.
KIFC’s CIO Ntoudi Mouyelo-K, the agency in charge of promoting Rwanda welcomed Payday’s establishment in Rwanda.