Olufolake Onasanya Author

We just raised a $3M seed 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 & Tola Onayemi, CEO of Norabase. They join follow-on investors Techstars, Angels Touch, Ingressive Capital & Now Venture Partners​​ , and existing investors Ethos VC, MAGIC Fund, Ventures Platform, Voltron Capital, and others.

In June 2021, we kicked off our Journey of becoming a Neobank for Africans globally, and we are still bullish on that track. We are operational in Nigeria, Rwanda, and the UK with over 330,000 superstars, processing millions of dollars in USD daily as we help our users transact globally with our virtual Visa and Mastercards, which can quickly be generated using the Payday App.

Since launching Payday 3.0 in January this year, we have added 100,000+ users monthly and have intensified efforts to provide global payment features for our customers. These include:

  • Global Accounts (USD, GBP, EUR, etc.)
  • Virtual USD & NGN Cards
  • Currency Swaps
  • Payment Links
  • Local Bills Payment
  • Peer-to-Peer Transfers
  • The possibility to add user account information to platforms such as Deel to receive salaries in minutes rather than days.

In an oversubscribed round, the new capital raised will be deployed to secure operational licensing in the United Kingdom and Canada, while building out operations in the United Kingdom, where the company has recently been incorporated. Funding will also be used to boost talent acquisition as the startup’s team complement expands from 35 to 50 employees, as Payday looks to further fuel the future of work through borderless payment alternatives in major currencies.

The round also sees the expansion of the Co-Founding team with the addition of Elijah Kingson – Payday’s current CPO, who previously led product design for Premium and subscription products at British-Lithuanian neobank Revolut. Yvonne Obike, the company’s current COO, has joined the Co-Founding team. We have also brought on board former Goldman Sachs and Expedia Product Manager Sean Udeke as Head of Products.

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 broader audience. This investment represents a significant milestone for our company, and we are grateful for the trust and commitment shown by our existing and new investors.

We’re amped to scale our platform and reach more Africans, not only on the continent but around the world. Our passion for empowering individuals and businesses with convenient and secure payment solutions is tangible, and we believe that this funding will allow us to do so on an even greater scale”.

“Our goal remains the same: to make it easy and accessible for anyone to access their payments on the continent, and with this new funding, we are one step closer to achieving that vision.”

With love, 

Payday team.