Payday, a neobank issuing global (USD, EUR & GBP) accounts to Africans, has raised $3 million, money the platform intends to use to fuel its “future of work” initiative through borderless payment alternatives in major currencies.
The oversubscribed seed investment was led by Moniepoint Inc. (formerly TeamApt Inc), the U.S. entity that houses Moniepoint Microfinance Bank and TeamApt Nigeria. Other investors participated, including Techstars, 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. Existing investors like Techstars and Angels Touch followed on.
When Favour Ori launched Payday in June 2021, the initial play was to build PayPal for Africa, for wh...
