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Payday 3 cross platform
Payday 3 cross platform




The Kigali and Vancouver-based fintech will also intensify its marketing efforts while hiring more talent as it looks to expand from 35 to 50 employees in the coming weeks. and Canada while building out operations in the former, where the startup has recently been incorporated. Having raised over $5 million since its inception, Payday will now look to secure operational licensing in the U.K. QED makes its first African investment, backing Nigerian fintech TeamApt in $50M+ deal We see a potential to leverage their infrastructure to further deepen our suite of financial services for merchants as well, and we’re looking forward to all that’s to come.” “There’s also the alignment in our goal to provide financial happiness by addressing key international payment pain points with merchants and individuals. This is something that isn’t very common, and the urge to encourage that fire inspired us to want to be a part of this,” Moniepoint CEO Tosin Eniolorunda said. Personally, I connect deeply with his drive, technical depth and desire to execute. “At Moniepoint, we’re excited about the unique things Favour and the team are doing with PayDay. Similarly, the two-year-old startup became a payment partner for SpaceX’s Starlink, enabling users in Nigeria and Rwanda to purchase Starlink routers. However, Ori claims that the company has remained profitable since August 2022 and its monthly revenues have quadrupled owing to its increasing user base. The fintech’s burn rate has tripled as a result of extensive marketing. Payday also processes an average of 40,000 transactions daily and over $25 million monthly, numbers that have fetched the fintech a $15 million acquisition offer by one of the continent’s unicorns, which, Ori says, was turned down.

payday 3 cross platform

The fintech ended 2022 with slightly over 100,000 users, and now offers its virtual cards and other products to more than 300,000 users. Payday ramped up its social media marketing push over the last few months to increase market share, which seems to be paying off. “We were the first startup to start issuing virtual accounts in Africa around June 2021, and we’ve done this for over 20 months, so we know what works and understand our market and users.”

payday 3 cross platform

Other platforms focus on Africans in the diaspora we’re focusing on people in Africa while planning to focus on those abroad by expanding to the U.K.,” Ori told TechCrunch during an interview about Payday’s place in Africa’s remittance and global neobanking space. “We are building TransferWise for Africa we want our customers to move money faster with the bank accounts and cards we issue. These features are commonly provided by other VC-backed B2C fintech apps serving African customers and those in the diaspora, such as Grey, Lemonade Finance, Send by Flutterwave, and Chipper Cash, making the landscape a competitive one where each attempts to outdo the other with speed and better fees or rates. Payday also offers virtual dollar and naira cards (which allow Nigerian users to purchase goods and services on foreign platforms), currency swaps, payment links, local bill payments and peer-to-peer transfers. This allows them and those in the diaspora who work remotely for international organizations to be paid and withdraw money in their choice of currency. With Payday, African remote workers and freelancers, particularly in Nigeria and Rwanda, can send and receive money in USD, GBP, EUR and 20 other currencies. As such, it shut down nine corridors and focused on Nigeria, where it has since witnessed tremendous transaction volume and user growth.

payday 3 cross platform

Subsequently, the fintech, which became the first Rwandan company to join Techstars (Toronto program) and soon raised a $1.2 million pre-seed extension, learned that enabling cross-border payments was expensive despite. Customers in 11 African countries, including Rwanda, where it first established its headquarters due to its business-friendly environment, had access to the platform and could send money to each other. When Favour Ori launched Payday in June 2021, the initial play was to build PayPal for Africa, for which it secured a million dollars in pre-seed funding. Techstars, Angels Touch, HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors such as MFS Africa chief Dare Okoudjou and Norebase CEO Tola Onayemi also participated. entity that houses Moniepoint Microfinance Bank and TeamApt Nigeria. The seed round was led by Moniepoint Inc ( formerly TeamApt Inc), the U.S. Payday, a neobank issuing global (USD, EUR and GBP) accounts to Africans, has raised $3 million to fuel its “future of work” initiative through borderless payment alternatives in major currencies.






Payday 3 cross platform