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Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc - Business - Nairaland

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Payday: Nigerian Favour Ori Breaks Record In Rwanda / Favour Ori 'Payday' Secures $1m To Build The Paypal For Africa / 5 Under 30 Youngest Successful Nigerian Tech Entrepreneurs (2) (3) (4)

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Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by bobman22: 3:54pm On Apr 02, 2023
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 raised a $1.2 million pre-seed extension, learned that enabling cross-border payments was expensive despite. As such, it shut down nine corridors and focused on Nigeria, where it has since witnessed tremendous transaction volume and user growth.

With Payday, African remote workers and freelancers, particularly in Nigeria and Rwanda, can send and receive money in USD, GBP, EUR and 20 other currencies. This allows them and those in the diaspora who work remotely for international organizations to be paid and withdraw money in their choice of currency.

Payday also offers virtual dollar and naira cards (which allow Nigerian users to purchase goods and services on foreign platforms), currency swaps, payment links, local bill payments and peer-to-peer transfers.

“We were the first startup to start issuing virtual accounts in Africa around June 2021, and we’ve done this for over 20 months, so we know what works and understand our market and users.”
Payday ramped up its social media marketing push over the last few months to increase market share, which seems to be paying off. The fintech ended 2022 with slightly over 100,000 users, and now offers its virtual cards and other products to more than 300,000 users. Payday also processes an average of 40,000 transactions daily and over $25 million monthly, numbers that have fetched the fintech a $15 million acquisition offer by one of the continent’s unicorns, which, Ori says, was turned down.

26 Likes

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by sheungeek(m): 7:38pm On Apr 02, 2023
This is a nice development.

wink

14 Likes 2 Shares

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by Munoke5: 7:38pm On Apr 02, 2023
Wow, nice one

3 Likes

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by devilmaycry: 7:38pm On Apr 02, 2023
I didn't read..but damn!!! That's nice

12 Likes 1 Share

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by abhosts(m): 7:38pm On Apr 02, 2023
Payday is a very useless and unethical company. Patronize them at your own risk.

I Funded my Dollar Virtual card with them but all payment transactions were declined with 'Insufficient Funds' response, despite have more that enough balance. So I asked them to refund my money but they started dribbling me and playing dumb. I was shocked when I visited their Twitter page to find out lots of their customers where facing same problem and being ignored by useless Payday support.

88 Likes 6 Shares

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by buygala(m): 7:38pm On Apr 02, 2023
Ok

3 Likes 1 Share

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by NwaAdazzi(m): 7:38pm On Apr 02, 2023
This is Nice.but we all know the guys dat eventually make these kinds of apps restricted

2 Likes 1 Share

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by Otulented: 7:38pm On Apr 02, 2023
We are winning
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by Sofistcatdmoron: 7:39pm On Apr 02, 2023
grin
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by benuejosh: 7:39pm On Apr 02, 2023
Great and Yes Daddy.

1 Like 3 Shares

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by ImmaculateJOE(m): 7:40pm On Apr 02, 2023
Moniepoint ball well well for this cashless period..

21 Likes

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by EmahBoss(f): 7:40pm On Apr 02, 2023
How long does it take to get a dollar account.... I have applied for over a week now no response

2 Likes

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by AnyanwuSilas: 7:40pm On Apr 02, 2023

1 Like

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by KidKonnekt: 7:40pm On Apr 02, 2023
Favor has come a long way despite the scandals and setbacks.

He faked it till he made it.

8 Likes

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by Niyonice(m): 7:41pm On Apr 02, 2023
Wow, that's awesome. Make person come invest in my business too biko

Check my signature for quality made in Nigeria footwears.
Buy 2 shoes, get 1 free slide. Offer ends in 6 weeks. What's app 08111 thirty fifty 81

2 Likes

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by airsaylongcome: 7:41pm On Apr 02, 2023
Fintech in Nigeria is a cartel.

42 Likes 1 Share

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by bigdammyj: 7:42pm On Apr 02, 2023
Okay.
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by airsaylongcome: 7:42pm On Apr 02, 2023
abhosts:
Payday is a very useless and unethical company. Patronize them at your own risk.

Why do you say so?

1 Like

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by ORAFA(m): 7:42pm On Apr 02, 2023
Good news
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by MuslimIgbo: 7:45pm On Apr 02, 2023
FLUTTER WAVES GLORY DAYS ARE OVER cry cry
cry

2 Likes 1 Share

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by ThinkSmarter: 7:45pm On Apr 02, 2023
The future is tech
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by Nobody: 7:45pm On Apr 02, 2023
Clean money, while some useless youths are taking crumbs from the criminal party called APC

13 Likes 1 Share

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by NobleSeed(m): 7:46pm On Apr 02, 2023
monie point that's not always on point 🚶‍♂️🚶‍♂️🚶‍♂️

1 Like 2 Shares

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by Propsad1: 7:46pm On Apr 02, 2023
K
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by BetterChurch: 7:46pm On Apr 02, 2023
Nice service
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by obi4eze(m): 7:47pm On Apr 02, 2023
VC is good but has its disadvantages.
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by BluePrincee: 7:47pm On Apr 02, 2023
This is a welcome development as Wise dey misbehave sad

1 Like

Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by AsomArchitectNG(m): 7:47pm On Apr 02, 2023
Nice
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by datola: 7:47pm On Apr 02, 2023
Congratulations to these young smart men making Nigeria proud.
Re: Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc by karzyharsky(m): 7:48pm On Apr 02, 2023
Good

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