Payday has reportedly raised $3 million led by Moniepoint FinTech solutions to support its counterpart Pan-African FinTech provider with adequate business capital for futuristic innovation. Payday-themed the Seed round “future of work” schemed to lead the FinTech start-up to leverage cross-border financial inclusion per its Pan-African status.
The Pan-African FinTech start-up CEO & founder, Favour Ori announced the completion of the seed round with shared comments of gratitude to its investors for their generous offerings to support Payday’s future of work that craves global expansion. The Pan-African FinTech solutions issue domiciliary accounts to its users paired with significant currencies such as USD, GBP, and EUR.
“We are building TransferWise for Africa; we want our customers to move money faster with the bank accounts and cards we issue. 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 said.
The Payday platform has the continental currencies embedded as well for seamless financial transactions to become an optimal FinTech provider in Africa. Alternatively, multi-national currencies are available in the Pan-African FinTech platform including the three listed foreign currencies for domiciliary transactions. Likewise, the alternative FinTech solutions Payday intends to introduce in its existing marketplace.
Ori continued bragging about the FinTech solution that started up as “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.”
According to Ori’s announcement, Payday’s solutions have gained the limelight since its debut during the post-pandemic era issuing virtual cards tied to users’ virtual accounts to accomplish seamless banking solutions.
At the time, Payday completed its pre-seed fundraising round with a million dollars to lead financial inclusion to Africans in diaspora and beyond the continent.