African Digital bank startup payday has successfully completed its seed round, they initially announced they wanted to raise $1.5million but they ended up raising $3 million, the oversubscribed round was led by Techstars, HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II, MFS Africa chief; Dare Okoudjou, Norebase CEO; Tola Onayemi, and existing investors; Techstars and Angels Touch.
Payday enables Africans access to global accounts denominated in USD, EUR, and GBP. With the ability to transact in over 20 currencies, Payday’s platform is vital for remote workers and freelancers who need foreign currency transactions. The app is currently only available to customers in Rwanda and Nigeria. In addition to these services, Payday also offers virtual dollar and naira cards for Nigerian users, facilitating purchases on international platforms, currency swaps, payment links, local bill payments, and peer-to-peer transfers
The startup reportedly processes an average of 40,000 transactions daily and over $25 million monthly.
It recently became an official payment partner for SpaceX’s Starlink, enabling users in Nigeria and Rwanda to purchase Starlink routers. It claims to have processed close to $1 million already for Starlink.
the startup plans to use the raise to ramp up its marketing efforts, secure operational licensing in both the UK and Canada, and increase its staff.