Investors hand Favour Ori’s Payday $3m for operational licenses in UK, Canada

Payday, a financial technology company founded by Favour Ori, has secured $3 million in a seed round to fund its expansion into the United Kingdom and Canada, a statement sent to Ripples Nigeria on Wednesday disclosed.

The Pan-African neobank is eyeing operational licenses in the foreign markets to increase its revenue sources and improve on its average of 40,000 transactions per day.

Payday has been making moves in the payment market lately, incorporating in the UK and securing partnership with Elon Musk’s internet service firm, Starlink, to become its payment channel in Nigeria.

Ori’s payment company is now looking to flesh out its operation in a global market, hence, the $3 million raised from Moniepoint Inc, with participation from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors, amongst others.

Prior to the round, Payday has raised capital from Techstars, Angels Touch, Ingressive Capital & Now Venture Partners, as well as Ethos VC, MAGIC Fund, Ventures Platform, Voltron Capital, and others.

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In 2021, Payday conducted a pre-seed fundraising round that ended with the Fintech firm going home with over $2 million. Its recent funding raises total investor capital to $5.1 million.

Payday is offering a borderless payment alternative in major currencies from 130 countries to African remote workers, freelancers and digital professionals.

Reacting to the $3 million capital raised, Ori, who also serves as the Chief Executive Officer said: “We’re thrilled that this round of funding will lay the foundation for the continued growth of our platform as we expand our services to a wider audience.

“This investment represents a significant milestone for our company and we are grateful for the trust and commitment shown by our investors both existing and new”.

Disclosing why Moniepoint Inc led the investment round: the CEO of Moniepoint, Tosin Eniolorunda, stated: “At Moniepoint, we’re excited about the unique things Favour and the team are doing with Payday. Personally, I connect deeply with his drive, technical depth, and desire to execute. The urge to encourage that fire inspired us to want to be a part of this.”

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