Favour Ori: CEO of Payday, a Fintech Company Secures Ghc6 Million Pre-seed Funds to Build 'Africa's Paypal'

Favour Ori: CEO of Payday, a Fintech Company Secures Ghc6 Million Pre-seed Funds to Build 'Africa's Paypal'

  • Payday, an African fintech company, has received Ghc6 million as pre-seed capital to establish Africa's version of Paypal
  • Favour Ori, the founder of the company, shared that many investors have supported the vision of the company
  • Payday helps receive and send money globally from Africa and provide a smooth means for foreign employers to pay clients as well as a swift platform for tuition payment in Canada, UK and the US

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A finance and technology (Fintech) company called Payday, established in Africa, has secured Ghc6 million ($1 million) in funds to build a Paypal for Africa.

A recent publication by benjamindada.com reported that after the company's launch in June 2021, Payday has experienced significant growth in terms of its users and the transactions that have been brought in.

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The founder and CEO of the company, Favour Ori, shared that several investors have supported the company to achieve its goals. The vision, according to Favour, is to become the Paypal of Africa, benjamindada.com reported.

Favour Ori, CEO of fintech company receives $1 million as pre-seed funds
Favour Ori, CEO and founder of PayDay Africa
Source: UGC

Payday helps facilitate sending and receiving of money globally from Africa, enables payment between employers abroad and clients, along with paying tuition fees in the US, Canada and the UK.

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Favour shared that the acquired investment will be used to expand the company into new countries and to bring onboard more talents.

The team at Payday is made up of engineers, bankers and advisors, benjamindada.com shared.

YEN.com.gh earlier reported that a recent publication by Venture Burn has shared that an Accra-based finance and technology (Fintech) company called BezoMoney has secured over Ghc1.2 million in funds as a startup.

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The seed funding was led by a venture capital firm in London called Goodsoil VC.

A representative of the Goodsoil VC said that they are happy to be partnering with BezoMoney to help provide young people and individuals with no bank access with easy access to powerful and flexible tools for generating wealth.

The Ghanaian fintech company shared that the funds will be used to acquire Payment and Financial Technology Service Providers (PFTSP) license in Ghana and build new products.

BezoMoney was brought into existence by Mubarak Sumaila, a past student of the University of Development Studies and Diana D. Osei, an alumnus of Ashesi University.

Source: Yen.com.gh

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