Payday

Payday, with over 330000 users and 40000 daily transactions, has raised a $3 million Seed round led by Moniepoint Inc. (formerly, TeamApt).

Sunil Sharma, Managing Director at Techstars Toronto, stated, "A word that best describes Favour Ori is relentless," says Sunil Sharma, Managing Director of Techstars Toronto and one of the earliest investors in Payday. [Payday's intention to raise capital broke earlier this month](https://techcabal.com/2023/03/03/payday-is-looking-to-raise-funding/?ref=benjamindada.com), and today's announcement has confirmed it but at double the reported amount. Favour is always in search of opportunity and nothing can get in his way". I'd bet on Favour and Payday again any day, both to realise the transformational value and also to make us proud with an exit the ecosystem will reference for years to come". More important is the alignment in our goal to provide financial happiness by addressing key payment pain points—Moniepoint with merchants and Payday with individuals. Speaking on Moniepoint's first-time investment in the company, CEO Tosin Eniolorunda says, "At Moniepoint, we're excited about the unique things Favour and the team are doing with Payday. Thus, Africans who work remotely can receive their money in foreign currency and withdraw in the currency of their choice using virtual Mastercard and Visa cards. Maya Horgan Famodou, Founder and MD at Ingressive Capital, said, "Favour is one of the savviest entrepreneurs I have met. Elijah previously led product design for subscription products at Revolut, the London-based neo-bank with over 25 million customers. Its incorporation in Rwanda and admission into Techstars Toronto accelerator made it the Alongside Rwanda, Payday is operational in Nigeria and, more recently, the UK. HoaQ, DFS Lab's Stellar Africa Fund, Ingressive Capital Fund II and angel investors participated in the round.

Payday has raised a $3 million seed round led by Moniepoint Inc. Other investors in the round include Techstars, Ingressive Capital, HoaQ, and DFS Lab.

“We are building TransferWise for Africa; we want our customers to move money faster with the bank accounts and cards we issue. With more money in the bank, Payday is setting its sights on new horizons. While Starlink’s appeal seems to have waned, Payday’s has only gotten stronger, and the startup, which claims to have processed more than $1 million in Starlink payments, now has more than 300,000 users. In January 2023, Starlink launched in Nigeria, with Payday one of the biggest beneficiaries of that event. [Payday](https://www.usepayday.com/) provides options for its customers to send and receive money in more than 20 currencies. MFS Africa CEO, Dare Okoudjou and Norebase CEO, Tola Onayemi also participated in the round.

Payday, a Techstars-backed neobank issuing global accounts to Africans and the diaspora, has raised funding in a round led by African soonicorn Moniepoint.

A group of investors led by Moniepoint have invested $3 million in Payday, a Nigerian fintech company that facilitates international payments.

We’re thrilled that this round of funding will lay the foundation for the continued growth of our platform as we expand our services to a wider audience. - “More important is the alignment in our goal to provide financial happiness by addressing key payment pain points—Moniepoint with merchants and Payday with individuals. Payday, which had earlier in 2021 closed a $2 million pre-seed deal, said it would deploy the new raise to power its “future of work” initiative through borderless payment alternatives in major currencies.

Payday, a financial technology company founded by Favour Ori, has secured $3 million in a seed round to fund its expansion into the United Kingdom and |

[Investigations4 months ago](https://www.ripplesnigeria.com/special-report-world-bank-road-projects-go-bad-in-enugu-as-state-govt-fails-to-fulfill-promise/) [Investigations4 months ago](https://www.ripplesnigeria.com/students-suffer-as-contractors-abandon-kano-school-projects-after-receiving-over-n70m/) [Investigations4 months ago](https://www.ripplesnigeria.com/investigation-in-cross-river-civil-servants-retire-into-poverty-as-govt-looks-away-squanders-funds-on-frivolities/) [Investigations2 months ago](https://www.ripplesnigeria.com/investigation-4-yrs-after-completion-kwara-phc-facility-inactive-rural-dwellers-in-pains/) Personally, I connect deeply with his drive, technical depth, and desire to execute. Its recent funding raises total investor capital to $5.1 million.

Payday, a pan-African neo-bank, has announced a $3 million Seed round led by Moniepoint Inc (formerly TeamApt) to continue boosting financial presence ...

It is also aimed at empowering the next generation to be confident, responsible and skilled economic citizens. “There are different ways to save, like putting your money in a savings box or through savings groups, but the recommended way is in a bank account. This is a part of our growth process, and we will continue to work towards building the type of workplace we dream of,” she stated. The showcase will also include the company’s further commitment to gender equity. The global theme for this year’s IWD is Embrace Equity. We will continue to ensure expansion in the sector through valuable partnerships such as we currently have with Sayed Farms,” he said. The fintech startup allows those on the continent and in the diaspora to send and receive money in 23 currencies, including USD, GBP, and EUR, from over 130 countries. Its incorporation in Rwanda and admission into Techstars Toronto accelerator made it the first time the latter admitted a Rwandan startup into its three-month accelerator programme. “More important is the alignment in our goal to provide financial happiness by addressing key payment pain points—Moniepoint with merchants and Payday with individuals. Also, the round sees two new talents join its co-founding team, Mr Elijah Kingson, Payday’s CPO and Mrs Yvonne Obike, Payday’s COO. The company will also grow its talent base by 40 per cent to 50 employees, many of whom will come into its customer success department. The new round saw contributions from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors participating in the round.

African neobank Payday is looking to new markets after raising $3 million.

At the same time, many remittance users consider app-based digital payments the most secure method for sending money across borders. and Canada — the company has offices in Rwanda and Vancouver – while also expanding its operations in Great Britain, where Payday was recently incorporated. [The Digital Currency Shift: The Cross-Border Remittances Report](https://content.pymnts.com/wp-content/uploads/2021/09/PYMNTS-Cross-Border-Remittances-Report-September-2021.pdf),” a collaboration between PYMNTS and [Stellar Development Foundation](https://stellar.org/foundation). [Ruben Salazar](https://www.linkedin.com/in/rubensalazargenovez), global head of Visa Direct. [increasingly using digital apps](https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2023/visa-finds-more-consumers-using-digital-apps-for-remittances/), according to recent Visa research. [announced](https://www.usepayday.com/blog/additional-3m-in-the-bank-its-day-1-whats-next/) Wednesday (March 29), will help the company secure operational licensing in the U.K.

Pan-African neobank issuing global accounts to Africans, Payday, has announced a $3 million fund which will be deployed to boost talent acquisition.

“More important is the alignment in our goal to provide financial happiness by addressing key payment pain points. We are amped to scale our platform and reach more Africans, not only on the continent, but around the world. This brings Payday’s total investment to date to $5.1 million, following a $2million+ pre-seed round in 2021.