What's Hot

    CYNK – Africa’s first verifiable carbon market launches in Kenya

    September 22, 2023

    Ionic Rare Earths engages DRA Global to advance Makuutu Development

    September 20, 2023

    Turkey Exporters Assembly plans Saudi-Turkish trade summit

    September 18, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      India reveals expansive rail and ports corridor for Middle East and South Asia

      September 13, 2023

      Green energy – UAE funds African projects through $4.5 billion initiative

      September 6, 2023

      West African ports benefit from international investment

      September 1, 2023
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      CYNK – Africa’s first verifiable carbon market launches in Kenya

      September 22, 2023

      Ionic Rare Earths engages DRA Global to advance Makuutu Development

      September 20, 2023

      Turkey Exporters Assembly plans Saudi-Turkish trade summit

      September 18, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      MENAT to see investment flows increase substantially

      Business Business & Trade Finance September 4, 2023
      Recent

      MENAT to see investment flows increase substantially

      September 4, 2023

      Ballim – GGC can play a major role in Africa

      July 17, 2023

      Africa50 invests USD 6.6bln in infrastructure over 6 years

      July 7, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Uncategorized

    Pan-African Neobank Payday Raises USD 3 Million in Seed Funding

    April 3, 20232 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Payday
    Payday seeks to facilitate payments for customers around the world.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Payday plans to expand to the UK and Canada and scale its borderless payments platform with new investment.

    Payday, a neobank based in Africa, has raised $3 million in seed funding from investors to expand its borderless payment platform for remote workers and digital professionals.

    New investment to drive expansion plans

    Payday plans to use the $3 million raised in seed funding to secure operational licensing in the UK and Canada. The neobank also intends to build out its operations in the UK, where it has recently incorporated. The funding will also support talent acquisition, as Payday’s team is set to grow from 35 to 50 employees.

    According to the company, it has over 350,000 users, with 4,000 new users per day. To date, it has raised USD 5.1 million and makes 40,000 transactions per day.

    Payday allows users to receive and send payments to and from anywhere in the world. Customers use a wallet that can accept international transfers and a virtual card to spend anywhere they wish.

    Payday – a borderless payment platform

    Payday aims to empower individuals and businesses with convenient and secure payment solutions that are accessible from anywhere in the world. The neobank offers virtual Visa and Mastercards that can be generated through its mobile app, allowing users to send and receive money in major currencies, including USD, GBP, and EUR.

    A significant milestone

    The seed funding represents a significant milestone for Payday, bringing its total investment to date to USD 5.1 million. The oversubscribed round saw participation from Moniepoint Inc., HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II, and angel investors such as Dare Okoudjou, founder and CEO of MFS Africa, and Tola Onayemi, CEO of Norabase.

    Future growth

    Favour Ori, the CEO and founder of Payday, expressed his excitement about the new investment, stating that it will allow the neobank to scale its platform and reach more Africans around the world. Ori also noted that Payday’s goal remains the same: to make it easy and accessible for anyone to access their payments when on the continent.

    South African financial services provider Fin aims to become Africa’s first credit-led neobank and recently acquired housing loan provider Thuthukani. Last year, neobank Be Mobile Africa launched in South Africa with ambitions to serve the underbanked.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleIvory Coast launches startup act to support tech ecosystem
    Next Article Goodwell and Oxfam Novib launch EUR 20m East African fund to support SMEs

    Related Posts

    Uncategorized

    Maersk launches expanded Middle East-West Africa service

    May 22, 2023
    Uncategorized

    Standard Bank reports 38% increase in Q1 earnings

    April 21, 2023
    Business Startups Uncategorized

    Clara launches free cap table calculator for startups

    April 20, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    LATEST STORIES

    CYNK – Africa’s first verifiable carbon market launches in Kenya

    September 22, 2023

    Ionic Rare Earths engages DRA Global to advance Makuutu Development

    September 20, 2023

    Turkey Exporters Assembly plans Saudi-Turkish trade summit

    September 18, 2023

    Ugandan agritech startup Emata secures USD 2.4 million in seed funding

    September 15, 2023

    India reveals expansive rail and ports corridor for Middle East and South Asia

    September 13, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.