Payday, a pan-African neobank that offers global accounts to Africans, has announced the deployment of a $3 million fund to support talent acquisition.
Moniepoint Inc. was in charge of raising the money, with assistance from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II, and angel investors like Dare Okoudjou, founder and CEO of MFS Africa, and Tola Onayemi, CEO of Norabase.
They joined previous investors Ethos VC, MAGIC Fund, Ventures Platform, Voltron Capital, and others. They also joined follow-on investors Techstars, Angels Touch, Ingressive Capital, and Now Venture Partners.
Payday has now invested a total of $5.1 million, following a pre-seed round of over $2 million in 2021. The newly raised funds will be used to build out operations in the United Kingdom, where the company has recently been incorporated, and to secure operational licensing in the United Kingdom(UK) and Canada.
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As the startup’s team grows from 35 to 50 employees, funding will also be used to improve talent acquisition. Payday aims to further fuel the future of work by offering borderless payment options in major currencies.
This round of funding, according to a statement from Payday’s CEO and founder, Favour Ori, will pave the way for the platform’s continued expansion as the business offers its services to more people.
“This investment marks a significant turning point for our business, and we are appreciative of the confidence and dedication shown by both our current and potential investors. We are eager to expand our platform and connect with more Africans not only in Africa but also around the globe.
“We believe that this funding will enable us to do so on an even greater scale,” Ori said. “Our passion is tangible and is focused on empowering individuals and businesses with convenient and secure payment solutions.
The evolution of Payday and its services was inevitable, and Payday 3.0, which was released in January of this year with the goal of creating a super app that improves and streamlines the UX for its users, was the result.
“At Moniepoint, we are excited about the unique things Favour and the team are doing with Payday,” said Tosin Eniolorunda, the company’s CEO. I personally have a strong affinity for his drive, technical sophistication, and desire to carry out. We were motivated to participate in this by the desire to fan that fire.
The alignment of our objectives to bring about financial happiness by addressing major payment pain points is more crucial. Payday works with businesses and Moniepoint with people. We see a chance to use their infrastructure to deepen our offering of financial services to retailers, and we eagerly anticipate everything that lies ahead.
