Image Credits:<\/strong> Payday<\/p>\n<\/div>\n

The fintech\u2019s burn rate has tripled as a result of extensive marketing. However, Ori claims that the company has remained profitable since August 2022 and its monthly revenues have quadrupled owing to its increasing user base. Similarly, the two-year-old startup became a payment partner for SpaceX\u2019s Starlink, enabling users in Nigeria and Rwanda to purchase Starlink routers.<\/p>\n

\u201cAt Moniepoint, we\u2019re excited about the unique things Favour and the team are doing with PayDay. Personally, I connect deeply with his drive, technical depth and desire to execute. This is something that isn\u2019t very common, and the urge to encourage that fire inspired us to want to be a part of this,\u201d Moniepoint CEO Tosin Eniolorunda said. \u201cThere\u2019s also the alignment in our goal to provide financial happiness by addressing key international payment pain points with merchants and individuals. We see a potential to leverage their infrastructure to further deepen our suite of financial services for merchants as well, and we\u2019re looking forward to all that\u2019s to come.\u201d<\/p>\n

Having raised over $5 million since its inception, Payday will now look to secure operational licensing in the U.K. and Canada while building out operations in the former, where the startup has recently been incorporated. The Kigali and Vancouver-based fintech will also intensify its marketing efforts while hiring more talent as it looks to expand from 35 to 50 employees in the coming weeks. It already made fresh additions to its founding and executive team, which initially comprised Ori, who ran Payday all by himself for 18 months.<\/p>\n