Payday, a Rwandan neobank  startup, receives $3 million in a seed round

Payday, a prominent pan-African neobank with headquarters in Rwanda that provides global accounts to Africans, has announced a US$3 million seed funding to support its growth in Europe and North America. 

HoaQ, the Stellar Africa Fund of DFS Lab, and angel investors like Dare Okoudjou and Tola Onayemi joined Moniepoint in leading the seed round of funding. 

Payday, which was launched in June 2021 by Favour Ori, was developed to empower remote workers, freelancers, and digital professionals in Africa by facilitating seamless, borderless payments from more than 130 countries. 

Africans may now work remotely for multinational organizations and be paid and withdraw funds in the currency of their choosing, no matter where they are, thanks to a business that enables users to send and receive money in USD, GBP, Euros, and 20 other currencies. 

“We’re happy that this round of funding will create the framework for our platform’s continuing development as we broaden the audience for our services. This investment marks a critical turning point for our business, and we are appreciative of the confidence and dedication demonstrated by both our current and potential investors, Ori added. 

The CEO of Moniepoint, Tosin Eniolorunda, expressed his company’s excitement about the innovative work being done by Ori and the Payday team. 

“I personally have a strong affinity for his passion, technical proficiency, and desire to carry out. We wanted to be a part of this because we wanted to fan that fire,” Eniolorunda added. 

Payday gives its more than 330,000 users virtual Visa and Mastercards that can be instantly generated using the Payday app. Payday is currently functioning in Nigeria, Rwanda, and the UK.

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