Nigerian tech entrepreneur Favor Ori’s PayDay continues rapid expansion with Kenya launch

 

Favor Ori, the Nigerian tech entrepreneur behind PayDay, a fintech startup that provides global accounts denominated in USD, EUR, and GBP to Africans, has announced plans to expand the company’s operations in Kenya.

The move is part of a broader strategy to establish a stronger presence throughout the continent.

Ori, the Nigerian tech entrepreneur who is leading the way in using technology to facilitate global money transfers for Africans, announced on Linkedin on friday, March 31, that his startup will soon be launching in Kenya.

PayDay’s plans to expand its operations across Africa and enter the European and North American markets have been boosted by the $3 million in sees funding it secured from moniepoint Inc., a financial software company led by Nigerian entrepreneur Tosin Eniolorunda.

The fintech startup, which offers global accounts to Africans, intends to use the funds to secure licensing for its UK entity, expand into Canada, and increase its talent pool by 40–50 employees to strengthen its operations and expand its reach to a wider audience beyond Africa.

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. 

PayDay’s seed funding round brings its total funding since inception to $5.1 million.

The funding 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, the startup under the leadership of Favor Ori is playing a crucial role in helping SpaceX gain a foothold in Nigeria.

SOURCE: Billionairs.africa