Led · Seed · Mar 2023

Payday issues global virtual accounts (USD, EUR, GBP and others), virtual dollar and naira cards, currency swaps, payment links, local bill payments and peer-to-peer transfers for African remote workers, freelancers and diaspora customers. Launched by Favour Ori in June 2021, the startup initially aimed to be a PayPal for Africa before narrowing focus to Nigeria after shutting nine costly corridors. Payday reports growth from slightly over 100,000 users at the end of 2022 to more than 300,000 users, processing an average of 40,000 transactions daily and over $25 million monthly. The company says its monthly revenues have quadrupled and it has been profitable since August 2022, though its burn rate has tripled due to increased marketing. Payday has become a payment partner for SpaceX’s Starlink in Nigeria and Rwanda and recently incorporated in the U.K. while maintaining ties to Kigali. The team has expanded leadership with hires from Revolut and Goldman Sachs/Expedia and is planning product extensions such as loans and credit cards. Payday began as a product under TalentMatch and launched in June 2021, evolving into a fintech platform registered in the US, Canada, and Rwanda. The platform facilitates cross-border payments from Africa, enables payments between foreign employers and clients, issues virtual cards, and eases payment of tuition and other fees in the US, Canada, and the UK. Payday reported rapid early traction: over 5,000 users and processed over $1.4 million transactions within the first three weeks after launch. Its advisory board highlights the product's timeliness for Africa's single-market agenda and multiple local-currency checkout options. The company leverages referrals and word-of-mouth as primary user-acquisition channels noted in the article.