Payday Raises $3 Million In Seed Round To Drive Its Expansion Into UK & Canada
Payday Raises $3 Million In Seed Round To Drive Its Expansion Into UK & Canada. African StartUp Payday has announced that it has managed to secure $3 in seed round funding. The company seeks to use these funds to expand into the UK and Canada, it took to LinkedIn to make the announcement.
The post read, “We’re thrilled to announce that we have raised $3 million in seed funding led by Moniepoint Inc. (Formerly TeamApt Inc.) to drive our expansion to the UK and Canada! This investment will allow us to provide borderless payment alternatives in major currencies, and enhance our services for African remote workers and freelancers, across the globe. We’re incredibly excited to be part of Africa’s fintech eco-system and the global neo-banking space, and we’re grateful for the support of our investors and customers. We ended 2022 with over 100,000 users, and we’re proud to now offer our virtual cards and other products to more than 300,000 users.”
Payday, double dual-headquartered in Canada & Rwanda, is a Financial Technology company helping Africans send and receive money globally. The company has a resourceful team with a proven track record of building successful consumer and enterprise products used by millions of customers. The funding round was 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
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.
