African Neobank PayDay Secures $3M in Fundingby Fintechnews Africa 3 April 2023
PayDay just raised a $3M seed round, 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.
$3,000,000 🤲🏾🎊🚀 pic.twitter.com/pL6QN0qmwj
— Payday (@ourpaydayHQ) March 29, 2023
They join follow-on investors Techstars, Angels Touch, Ingressive Capital & Now Venture Partners and existing investors Ethos VC, MAGIC Fund, Ventures Platform, Voltron Capital, and others.
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.
The round also sees the expansion of the Co-Founding team with the addition of Elijah Kingson – Payday’s current CPO, who previously led product design for Premium and subscription products at British-Lithuanian neobank Revolut. Yvonne Obike, the company’s current COO, has joined the Co-Founding team. They also brought on board former Goldman Sachs and Expedia Product Manager Sean Udeke as Head of Products.
In June 2021, PayDay kicked off a Journey of becoming a Neobank for Africans globally, and we are still bullish on that track. They are operational in Nigeria, Rwanda, and the UK.
Since launching Payday 3.0 in January this year, Payday claims to have added 100,000+ users a month.
Featured image credit: PayDay Team
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