Payday secures $1million pre-seed funding to create “PayPal for Africa”

Nigerian Fintech Startup, Payday, announced that it has secured $1 million in pre-seed funding to build a platform to enable swift global payments for Africans.

Investors include LoftyInc Capital, Microtraction, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc, Greencap Equity, Midlothian Angel Network, Emergence Capital, Olugbenga Agboola (GB). Others include Charles Odita, Eke Eleanya, Adegoke Olubusi, Edmund Olotu (Bloc), Prosper Otemuyiwa (Eden), Dimeji Sofowora, Perseus Mlambo (Union54), Abdul Hassan (Mono), and Onyekachukwu Somtochukwu Eyisi.

Founded in June 2021 by CEO and founder Favour Ori, Payday makes it extremely easy for Africans to Send and Receive money from anyone (friends, family, employers, clients etc), anywhere in the world. With Payday, Africans can also pay Tuition, Application, & other fees in the US, UK & Canada. You can also get virtual cards from Payday

Within 11 weeks, Payday says it has processed over $2m in transactions. The startup boasts that it is faster & a lot more affordable than all other remittance services out there. It claims you can receive your cash in less than 1 minute!

According to the CEO on the funding, “Payday will expand into new territories and also hire talents for their Engineering, Product, Compliance and Growth roles to scale its operations and also acquire additional licenses”

Payday is available for download on Google and Apple playstores.