An emerging Tech Giant in Nigeria, Payday, has managed to raise one million dollars to create what they hope to be the “PayPal” for Africa.
Sending and receiving money internationally, getting paid by overseas companies and clients, generating Virtual Mastercards, and paying tuition and other expenses in the United States, Canada, and the United Kingdom are just a few of Payday’s services.
Payday is also utilized by international companies such as TalentQL (TechStars), Tupelo, and a bevy of others to pay its African employees for services like as payroll, taxes, and compliance.
The company was successful in backed by several investors including LofyInc, Microtraction, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc, Greencap Equity, Midlothian Angel Network, Emergence Capital, Olugbenga Agboola (GB), Charles Odita, Eke Eleanya, Adegoke Olubusi, Edmund Olotu, Prosper Otemuyiwa, Dimeji Sofowora, Perseus Mlambo, Abdul Hassan, Onyekachukwu Somtochukwu Eyisi, and a host of other investors.
Several investors gave their insight into the prospects of the company and what it has in store for customers.
Temi Awogboro, General Partner at MAGIC Fund said “Magic is delighted to be an early backer of Favour and the Payday team in achieving their audacious vision of enabling swift borderless online payments services for Africa, thereby connecting its users with vast opportunities around the world.
This aligns with our founders-backing-founders thesis and we are excited by the opportunity to support the team as they positively disrupt the space.”
Sunil Sharma, Managing Director of Techstars Toronto also gave his inout and said: “Africa is home to some of the most talented and ambitious entrepreneurs we see in the world today, and they are solving problems for one of the biggest markets on the planet. Sending money remains complicated, time-consuming and expensive but we believe Payday Africa has the vision to liberate Africans and the global diaspora to send and receive money quickly and affordably”
Kola Aina, General Partner, Ventures Platform said: “Ventures Platform said we are thrilled to partner with Payday as they seek to ease the difficulty with moving money around Africa and across the world; this is even more critical as remote work opportunities continue to grow for young Africans” –
Perseus Mlambo, CEO said: “We have been really impressed with Payday’s speed to integrate and launch with Union54. They have worked tirelessly to bring a best-in-class product with a delightful design. They have a thoughtful approach to simplifying how money moves and we are delighted to support them today and for the future”