Moniepoint Inc., a financial software company led by Nigerian tech entrepreneur Tosin Eniolorunda has led a $3 million investment in Payday, a fintech startup issuing global (USD, EUR, and GBP) accounts to Africans, marking its first-time investment in the company.
This funding will be used to secure licensing for Payday’s UK entity and operations, as well as to expand its reach to Canada. Additionally, the company plans to increase its talent pool by 40-50 employees, with a focus on strengthening its customer success department.
Payday Founder and CEO Favour Ori has described the $3-million investment led by Moniepoint’s Tosin Eniolorunda as a significant milestone for the company.
The funding round will serve as a solid foundation for Payday’s continued growth, as it expands its services to reach a wider audience.
Payday, which was founded by Ori nearly two years ago and has dual headquarters in Canada and Rwanda, is a financial technology company that facilitates global money transfers for Africans.
The seed funding round, which brings the startup’s total funding since inception to $5.1 million, will support its mission of improving financial inclusion across the continent.
Regarding the recently completed funding round, Tosin Eniolorunda, CEO of Moniepoint Inc., expressed his enthusiasm for Ori’s innovative approach, which has led to its impressive growth since it was founded nearly two years ago, stating: “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.”
In addition to the investment from Eniolorunda, Payday has also received support from a group of angel investors, including Dare Okoudjou, founder and CEO of MFS Africa, and Tola Onayemi, CEO of Norebase.
The latest investment comes just one week after the startup hit a major milestone, surpassing 300,000 users.
The company’s impressive consumer and enterprise products, combined with its well-executed marketing strategies, have fueled this rapid growth.
In February, Payday made headlines when Ori, revealed on Twitter that the company had facilitated over $300,000 in payments for SpaceX’s Starlink internet service in Nigeria. By enabling payments for the Starlink setup kit and monthly subscription fee, Payday is playing a crucial role in helping SpaceX gain a foothold in Africa’s largest economy.