Rwandan fintech startup, Payday has announced securing a $3 million seed funding in its bid to expand its operations into the European and North American markets.
Payday, a leading pan-African neobank that issues global accounts to Africans across the globe, made the announcement on Friday after sealing the seed round of funding which was led by Moniepoint in conjunction with HoaQ, DFS Lab’s Stellar Africa Fund, and other angel investors such as Dare Okoudjou and Tola Onayemi.
Founded in June 2021 by Favour Ori, the startup allows users to send and receive money in USD, GBP, Euros and 20 other currencies, allowing Africans to work remotely for international organisations, and be paid and withdraw money in the currency of their choice regardless of location.
Currently operational in Nigeria, Rwanda and the UK, Payday offers its more than 330,000 users virtual Visa and Mastercards, which can quickly be generated using the Payday app, according to Ori.
“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,” he said.
“This investment represents a significant milestone for our company and we are grateful for the trust and commitment shown by our investors both existing and new.
“We’re amped to scale our Payday platform and reach more Africans, not only on the continent, but around the world,” he added.
Also speaking on the new funding, Elijah Kingson, Payday’s CPO, said the funds would be used to boost talent acquisition as the startup’s team expands from 35 to 50 employees, as it looks to further fuel the future of work through borderless payment alternatives in major currencies.