According to several News including Business Insider Africa; Payday, a Pan-African neobank raised $3 million in a seed funding round to expand its operations and revolutionize the future of work in Africa. The neobank's growth strategy includes marketing, talent acquisition, and providing borderless payment alternatives in major currencies. Payday's partnership with Starlink aims to help Africans purchase internet connections seamlessly and participate in the global digital economy.
Rwandan-based neobank Payday has raised $3 million in a seed funding round to revolutionize the future of work for Africa and beyond, with plans to expand its operations globally and enhance its borderless payment alternatives. Payday currently operates in Nigeria, Rwanda, and the UK, and providing over 330,000 users with the ability to swiftly generate virtual Visa and Mastercards through its mobile application.
Pay day has raised $3 million in a seed funding round, bringing its total investment raised to $5.1 million. The funding round was led by Moniepoint Inc and involved participation from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II, and angel investors such as Dare Okoudjou and Tola Onayemi.
Payday intends to use the funds to secure operational licensing in the UK and Canada and expand its operations in the UK. The neobank's growth strategy also includes influencer marketing and Twitter to connect with its target audience.
Furthermore, Payday plans to enhance talent acquisition and expand its team from 35 to 50 employees. The neobank aims to revolutionize the future of work by providing borderless payment alternatives in major currencies, making payments easily accessible to anyone on the continent.
Payday CEO and Founder, Favour Ori, expressed excitement about the funding and gratitude for the trust shown by investors. The neobank's burn rate has tripled due to its extensive marketing efforts, including the use of Twitter and influencer marketing. Payday's strategy has proven to be successful, with the app becoming the third most downloaded app on Apple's Nigerian Playstore.
Payday's partnership with Starlink in February 2023 is aimed at helping Africans purchase internet connections seamlessly and participate in the global digital economy. With its latest funding round and strategic partnerships, Payday is poised for further growth and expansion into new markets, providing secure and convenient payment solutions to individuals and businesses across Africa and beyond.
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