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Bitmama Acquires Payday - Business - Nairaland

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Bitmama Acquires Payday by nlfpmod: 8:24am On Dec 05, 2023
In a significant development in Nigeria's fintech landscape, blockchain payments platform, Bitmama Inc. has confirmed the acquisition of Payday, a virtual card service provider.

The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama's cross-border payments product Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is set to consolidate its blockchain payment platform by acquiring 100% of Payday's customer base.

A source close to the matter, who declined confirming the financial terms of the deal, revealed to Techpoint Africa that acquisition conversations were initiated just a few weeks ago, and the process is "about 85% complete."

Changera, launched in 2021, is set to absorb a number of Payday's key personnel across various departments, including marketing, customer service, and engineering. This integration is already underway, with some Payday employees already transitioning to Changera. As a founder with a strong technical background, Payday CEO Favour Ori's integration into Bitmama's team is not yet confirmed. However, given Bitmama's already established leadership and robust technical team, it appears more likely that he may step away.

For the over 300,000 customers previously reported by Payday, who will now be under Changera's care, there will be hopefully no noticeable changes.

According to a senior member of Bitama's management, Payday's brand will continue to operate but it will now fall under the broader umbrella of Changera, supported by its stablecoin infrastructure. This integration is expected to overcome the liabilities and challenges Payday faced due to its dependence on third-party integrations, thereby potentially improving both customer experience and service reliability. The self-proclaimed neobank of the gig economy had previously grappled with operational challenges, including industry-wide charge-back fraud issues, a notable disruption in Mastercard services, and the exit of senior team members in July 2023.

For Changera customers, the acquisition promises to expand the range of available services, providing access to Payday's digital payment solutions.

In the short term, there are no planned changes to the fee structures or terms of service for Payday customers. However, as the integration progresses, customers can anticipate an expanded suite of services and potentially new features that leverage the combined strengths of Bitmama and Payday.

Post-acquisition, Bitmama is poised to embark on an ambitious roadmap. Central to this roadmap is the development of a new solution aimed at enhancing FX transactions for African businesses. Slated for launch in Q1 2024, this solution is expected to address a critical need in the market, facilitating smoother and more efficient B2B cross-border financial interactions.

The acquisition of Payday by Bitmama mirrors a broader trend of strategic consolidations within the fintech industry. It comes in the wake of similar acquisitions, such as that of Chaka by Risevest in September 2023. This consolidation trend suggests an emerging pattern where fintech companies are increasingly seeking strategic partnerships and acquisitions to overcome market challenges and scale operations.

https://techpoint.africa/2023/12/05/bitmama-changera-acquires-payday/

2 Likes 1 Share

Re: Bitmama Acquires Payday by BigDawsNet: 8:27am On Dec 05, 2023
Learn Tech today

9 Likes

Re: Bitmama Acquires Payday by money121(m): 8:27am On Dec 05, 2023
Congrat

InternetMoney

6 Likes

Re: Bitmama Acquires Payday by Manny21: 8:27am On Dec 05, 2023
Congratulations

1 Like 1 Share

Re: Bitmama Acquires Payday by NaijaGoBetter2: 8:27am On Dec 05, 2023
Wetin be my talent self! Abi na only me no get talent ni.... Million dollar no be seresere o

22 Likes

Re: Bitmama Acquires Payday by ATEAMS: 8:27am On Dec 05, 2023
Good luck
Re: Bitmama Acquires Payday by Kevinjap: 8:27am On Dec 05, 2023
Tech taking over. We shall get there but for now
I'm a student stuck here in Unimaid looking out for a ride to yola.

Please help me out

3 Likes

Re: Bitmama Acquires Payday by Thundafireseun: 8:28am On Dec 05, 2023
grinSmall shidren

2 Likes 1 Share

Re: Bitmama Acquires Payday by sylve11: 8:28am On Dec 05, 2023
Congratulations.

Maybe with this, customers will now get a swift response to their complaints.

Congratulations once again. cool

3 Likes

Re: Bitmama Acquires Payday by bigtt76(f): 8:28am On Dec 05, 2023
ok
Re: Bitmama Acquires Payday by AOB1: 8:28am On Dec 05, 2023
cool
Re: Bitmama Acquires Payday by BXNX: 8:28am On Dec 05, 2023
Nice development
Re: Bitmama Acquires Payday by Kreamie(m): 8:29am On Dec 05, 2023
Money dey where e dey sha

1 Like

Re: Bitmama Acquires Payday by Beuberry(f): 8:29am On Dec 05, 2023
Make I open bitpapa. Crypo world is bringing cool cash.

13 Likes

Re: Bitmama Acquires Payday by Lanre1st(m): 8:29am On Dec 05, 2023
shocked
Re: Bitmama Acquires Payday by stano2(m): 8:29am On Dec 05, 2023
Okay.. another person wan cash out

9 Likes

Re: Bitmama Acquires Payday by cornerstonee: 8:30am On Dec 05, 2023
Good one

Re: Bitmama Acquires Payday by LibertyRep: 8:30am On Dec 05, 2023
Payday. This company once discontinued my MasterCard and advised that I create a Visa Card. Guess what, they charge me extra $1 for every transaction on the Visa card.
That's aside the fact that their rate is even exorbitant compared to their contemporaries.

Maybe the acquisition will bring a positive change.

1 Like

Re: Bitmama Acquires Payday by dfrost: 8:30am On Dec 05, 2023
Hmm... AML needs to be taken seriously in Nigeria 🇳🇬

2 Likes

Re: Bitmama Acquires Payday by sslcrypt: 8:31am On Dec 05, 2023
Ok
Re: Bitmama Acquires Payday by bluefilm: 8:31am On Dec 05, 2023
When will BitPapa acquire GTBank?
Re: Bitmama Acquires Payday by Bayajjidda: 8:31am On Dec 05, 2023
That's good
Re: Bitmama Acquires Payday by id4sho(m): 8:32am On Dec 05, 2023
Yahoo boys acquiring each others companies tongue

12 Likes

Re: Bitmama Acquires Payday by Fatbam005: 8:32am On Dec 05, 2023
Tinubu again.
Re: Bitmama Acquires Payday by qtguru(m): 8:32am On Dec 05, 2023
Join Payday at your own Peril, my experience with them was horrible, infact all of them. I guess they are use the same provider for ACH Accounts.

12 Likes 1 Share

Re: Bitmama Acquires Payday by WealthyNigerian: 8:33am On Dec 05, 2023

3 Likes

Re: Bitmama Acquires Payday by Mindlog: 8:33am On Dec 05, 2023
Develop then sell, is a nice concept.

1 Like

Re: Bitmama Acquires Payday by NaijaCrusader: 8:33am On Dec 05, 2023
Una don see tech news now all of una don quiet lol. Make una come make noise for wetin you no understand.

Tech is here and is also the future,a piece of advice,learn it, explore it and invest in it. Thank me later

4 Likes

Re: Bitmama Acquires Payday by nedekid: 8:34am On Dec 05, 2023
All these kind business person no understand, we no de near there, before small pikin use you buy benz..

13 Likes

Re: Bitmama Acquires Payday by AntiChristian: 8:34am On Dec 05, 2023
I still don't understand Blockchain!

2 Likes

Re: Bitmama Acquires Payday by Nobody: 8:34am On Dec 05, 2023
Tooor
Re: Bitmama Acquires Payday by Agricmoney(m): 8:34am On Dec 05, 2023
wow



Anyway, Agriculture is life.

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