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.
The seed round was led by Moniepoint Inc (formerly TeamApt Inc), the U.S. entity that houses Moniepoint Microfinance Bank and TeamApt Nigeria. 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.
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. 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. Subsequently, the fintech, which became the first Rwandan company to join Techstars (Toronto program) and soon…
