Payday, an African fintech startup, has secured $1 million in pre-seed funding to continue its efforts to make global payments more accessible to Africans.
Payday has grown exponentially since its launch in June 2021, with over 5,000 users and $1.4 million in transactions successfully processed in the first three weeks, with the majority of its users coming through referrals and “word of mouth.”
Several investors have backed the company to reach this goal, including LoftyInc Capital, Microtraction, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc, Greencap Equity, Midlothian Angel Network, Emergence Capital, and Olugbenga Agboola (GB).
Other investors include; Charles Odita, Eke Eleanya, Adegoke Olubusi, Edmund Olotu (Bloc), Prosper Otemuyiwa (Eden), Dimeji Sofowora, Perseus Mlambo (Union54), Abdul Hassan (Mono), and Onyekachukwu Somtochukwu Eyisi.
Payday makes it easier for Africans to send and receive money around the world, as well as make payments to foreign employers and clients. In addition, in the United States, Canada, and the United Kingdom, the startup issues Virtual Mastercards and pay tuition and other costs.
Payday can also be used by foreign companies with African employees to handle payroll, taxes, and compliance. The platform can be downloaded from the Google Play and Apple App Stores. It has already earned over 1,000 downloads on Google Play, with a 4.5 average rating.
Payday is considering locating its headquarters in Rwanda, which is rapidly becoming as a hotspot for technological hubs due to its business-friendly environment, market accessibility, and geographic centrality.