A 24 year old Nigerian, Favour Ori builds a first of its kind global payment platform for Africans named PayDay which people generally refer to as the PayPal for Africa. With a strong and diverse team at the helm, the fintech firm is poised to build a successful platform for Africans to send and receive money around the world. Payday, a Pan-African financial technology company raised one million dollars to build out what they believe will be the “PayPal” for Africa. Nigeria’s Favour Ori, CEO of Payday founded the company in May 2021 and kicked off its beta test in June 2021 with a cold launch in July. Within three weeks of launch, Payday successfully processed over $1.4 million in transactions.
The Payday’s product offerings include sending and receiving money globally, getting paid by foreign employers and clients, issuing Virtual Mastercards, and paying tuition and other fees in the United States, Canada, and the United Kingdom. Payday is also used by foreign businesses such as TalentQL (TechStars), Tupelo, and a slew of others to pay their employees in Africa for a variety of services such as payroll, taxes, and compliance. “Payday’s solution is extremely timely and it backs up Africa’s agenda of a single market.
Making it easy to pay people in their local currency and through multiple checkout options is a strong boost for AfCFTA” – ‘Bosun Tijani. Temi Awogboro, General Partner at MAGIC Fund said “Magic is delighted to be an early backer of Favour and the Payday team in achieving their audacious vision of enabling swift borderless online payments services for Africa, thereby connecting its users with vast opportunities around the world.
Africa is home to some of the most talented and ambitious entrepreneurs we see in the world today, and they are solving problems for one of the biggest markets on the planet. Sending money remains complicated, time-consuming and expensive but we believe Payday Africa has the vision to liberate Africans and the global diaspora to send and receive money quickly and affordably” says Sunil Sharma, Managing Director of Techstars Toronto.