Payday Raises $3M in Seed Funding for Future of Work Initiative
Oversubscribed Seed Investment Led by Moniepoint Inc
Payday, a neobank that provides global currency accounts to Africans, has secured $3 million in seed funding for its “future of work” initiative. The round was oversubscribed, with participation from Moniepoint Inc, DFS Lab’s Stellar Africa Fund, HoaQ, and Ingressive Capital Fund II, as well as angel investors. Existing investors also participated in the round.
Funds to be Used for Licensing and Talent Acquisition
The new capital will be used to obtain operational licensing in the UK and Canada and to expand the company’s operations in the UK, where Payday was recently incorporated. Additionally, the funding will be used to increase the team size from 35 to 50 employees and to hire talent to fuel Payday’s future of work initiative.
Payday’s Co-Founding Team Expands with New Hires
Payday also announced the expansion of its co-founding team with the addition of Elijah Kingson as the company’s Chief Product Officer and Yvonne Obike, Payday’s current Chief Operating Officer. Sean Udeke, a former Product Manager at Goldman Sachs and Expedia, has also joined Payday as Head of Products.
Payday Expands its Services
Payday offers frictionless, borderless payments to African remote workers, freelancers, and digital professionals, enabling global payment processing from over 130 countries. The company’s platform allows users in Africa and the diaspora to send and receive money in USD, GBP, Euros, and 20 other currencies. Currently, Payday serves over 330,000 users in Nigeria, Rwanda, and the UK, with over 100,000 new users onboarding each month. The company processes an average of 40,000 transactions per day and several million in USD per day.
Moniepoint CEO Shares Excitement for Payday’s Future
Moniepoint CEO Tosin Eniolorunda shared his excitement for Payday’s future and the potential for collaboration between the two companies. Eniolorunda praised Payday’s technical depth and drive to execute, highlighting the alignment between Payday’s goal to address key payment pain points for individuals and Moniepoint’s goal to provide financial happiness for merchants.
Payday Aims to Scale and Reach More Africans Around the World
Payday’s latest funding round will enable the company to continue scaling its platform and reach more Africans, not only on the continent but around the world. Payday’s mission to empower individuals and businesses with convenient and secure payment solutions remains at the forefront of the company’s development as it expands in the coming years.