African fintech Payday has secured $1-million in a pre-seed round from several investors including; LofyInc, Microtraction, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc, Greencap Equity, Midlothian Angel Network and Emergence Capital.
Other investors include Olugbenga Agboola (GB), Charles Odita, Eke Eleanya, Adegoke Olubusi, Edmund Olotu, Prosper Otemuyiwa, Dimeji Sofowora, Perseus Mlambo, Abdul Hassan, Onyekachukwu Somtochukwu Eyisi, and several others.
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African fintech secures funding
According to reports, the funding will be used to create a fintech platform similar to that of international service “PayPal”.
Temi Awogboro, General Partner at MAGIC Fund comments on their investment made into the fintech.
“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.”
Founded in 2021 by entrepreneur Favour Ori, Payday has soared since its official launch in July reportedly processing over $1.4-million in transactions.
The newly established fintech platform and services enable users to send and receive money globally. This service allows users to be paid by foreign employees and clients along with the service of virtual mastercards.
Payday aims to provide a one-stop fintech service for its users allowing them to move money freely globally.
Featured image: Supplied