Fintech startup Payday raises $1M pre-seed spherical
Pan-African fintech Payday a monetary companies firm has accomplished a $1 million pre-seed funding spherical to create the following “PayPal for Africa” in a spherical that drew participation from a number of high VC companies within the continent, amongst them LofyInc Capital, Microtraction Restricted, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc, Greencap Fairness, Midlothian Angel Community, Emergence Capital. Additionally taking part are main particular person traders resembling Olugbenga Agboola, Charles Odita, Eke Eleanya, Adegoke Olubusi, Edmund Olotu, Prosper Otemuyiwa, Dimeji Sofowora, Perseus Mlambo, Abdul Hassan, Onyekachukwu Somtochukwu Eyisi, and a bunch of different traders.
Payday’s platform is created to supply swift funds for Africans internationally. The corporate works to be the one-stop store for individuals trying to transfer cash out and in of the continent. Payday was based in 2021 by Nigeria’s Favour Ori and is showcasing the beta model. Three weeks into its launch, over $1.4 million transactions have been efficiently processed.
Payday’s product choices contain sending and receiving cash funds globally together with getting paid by overseas shoppers and their employers who’re issuing digital Credit cards, paying tuition and different charges in Canada, america, and the UK. TalentQL, Tupelo, and a number of other others pay their staff by quite a lot of companies resembling taxes, payroll, and compliance.
KIFC’s CIO Ntoudi Mouyelo-Ok, the company accountable for selling Rwanda welcomed Payday’s institution in Rwanda.