Pan-African neobank Payday has raised $3 million in a seed funding round led by Moniepoint Inc, with participation from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors – Dare Okoudjou, Founder and CEO of MFS Africa and Tola Onayemi CEO of Norabase.
After a pre-seed round in 2021, the funding takes Payday’s total investment funding to $5.1 million. Payday intends to use the money to obtain the necessary operational licenses in the UK and Canada while also growing its business there.
As it seeks to drive the future of work through borderless payment choices in major currencies, the business also plans to strengthen talent acquisition, growing its workforce from 35 to 50 personnel. Payday wants to make receiving payments on the continent simple and available to everyone.
Favour Ori, the CEO and founder of Payday, expressed enthusiasm about the fundraising, stating that it will establish the groundwork for the platform’s continuing expansion as it broadens the community for which it offers its services.
“At Moniepoint, we’re excited about the unique things Favour and the team are doing with Payday. Personally, I connect deeply with his drive, technical depth, and desire to execute. The urge to encourage that fire inspired us to want to be a part of this,” said Tosin Eniolorunda, CEO of Moniepoint Inc.
Since its launch in 2021, Payday’s app is the third most downloaded app on Apple’s Nigerian Playstore.
Payday partnered Starlink, run by SpaceX, as a payment partner in February 2023.
