Payday Secures $3m Seed Round To Boost Talent Acquisition

Pan-African neobank issuing global accounts to Africans, Payday, has announced a $3 million fund which will be deployed to boost talent acquisition.

The fund raising was led by Moniepoint Inc, with participation from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors, such as,  founder and CEO of MFS Africa, Dare Okoudjou and CEO of Norabase, Tola Onayemi.

They joined follow-on investors Techstars, Angels Touch, Ingressive Capital and Now Venture Partners, along with existing investors Ethos VC, MAGIC Fund, Ventures Platform, Voltron Capital and others.

This brings Payday’s total investment to date to $5.1 million, following a $2million+ pre-seed round in 2021. The new capital raised will be deployed to secure operational licensing in the United Kingdom(UK) and Canada, while building out operations in the United Kingdom, where the company has recently been incorporated.

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Funding will also be used to boost talent acquisition as the startup’s team complement expands from 35 to 50 employees, while Payday looks to further fuel the future of work through borderless payment alternatives in major currencies.

The CEO and founder of Payday, Favour Ori, in a statement, made available to LEADERSHIP, said, this round of funding will lay the foundation for the continued growth of Payday platform as the company expand its services to a wider audience.

“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 are 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,” Ori stated.

With the company increasing its user base by 100,000+ a month, the evolution of Payday and its services was inevitable with Payday 3.0 being launched in January of this year, dedicated to building a super app that enhances and simplifies the UX for its customers.

CEO of Moniepoint Inc, Tosin Eniolorunda, said: “at Moniepoint, we are 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.

“More important is the alignment in our goal to provide financial happiness by addressing key payment pain points. Moniepoint with merchants and Payday with individuals. We see a potential to leverage their infrastructure to further deepen our suite of financial services for merchants, and we’re looking forward to all that’s to come.”