About Payday
Payday is a company based in Vancouver (Canada) founded in 2021 by Favour Ori was acquired by Bitmama in December 2023. It operates as a FinTech and Subscription Services. Payday has raised $5 million across 2 funding rounds from investors including Moniepoint, Bitmama and Microtraction. Payday offers products and services including Payday Virtual Card, Global Accounts, and Money Transfers. Payday operates in a competitive market with competitors including Remitly, Euronet Worldwide, Azimo, Xoom and BookMyForex, among others.
- Headquarter Vancouver, Canada
- Founders Favour Ori
- SectorsFinancial Services
- Email••••••••
- Website usepayday.com
- Social LinkedIn X
- Acquired by Bitmama (Dec 2023)
- Total Equity Funding$5M (USD)
in 2 rounds
- Latest Funding Round$3M (USD), Seed
Mar 2023
- InvestorsMoniepoint
& 22 more
- Acquired byBitmama
(Dec 2023)
Products & Services of Payday
Payday offers a comprehensive portfolio of products and services, including Payday Virtual Card, Global Accounts, and Money Transfers.
Virtual Mastercard is provided for online transactions globally.
Multiple currency accounts are offered for global banking.
Fast global money transfers are facilitated through Payday.
Funding Insights of Payday
Payday has successfully raised a total of $5M across 2 strategic funding rounds. The most recent funding activity was a Seed round of $3 million completed in March 2023. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $5M
- Total Rounds 2
- Last Round Seed — $3M
- First Round $2M
(Oct 2021)
- Investors Count 22
All 2 funding rounds of Payday with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Mar 2023 | $3M | Seed | – | Moniepoint | |
| Oct 2021 | $2M | Seed | – | LoftyInc Capital Management, Microtraction |
23 investors in total: 20 institutional and 3 angel.
Investors in Payday
Payday has secured backing from 23 investors, including institutional, venture fund, and angel investors. Prominent investors backing the company include Moniepoint, Bitmama and Microtraction.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Startups are accelerated globally without sector restrictions through structured programs. | 2006 | techstars.com | New York, United States | |
Early-stage investments are directed toward tech-enabled firms. | – | ingressivecapital.com | London, United Kingdom | |
- | – | stellarafricafund.tcc.mode | - | |
- | – | nowventures.co | - | |
Early-stage tech startups are funded by Ethos venture capital. | – | ethos.vc | San Francisco, United States | |
Venture capital firm focused on multiple sectors | – | magic.fund | San Francisco, United States | |
Venture capital investments in African companies addressing innovation and infrastructure needs. | – | venturesplatform.com | - | |
Early-stage venture capital funding is provided to African founders. | – | voltron.africa | - | |
- | – | angeltouch.tcc.mode | - | |
Startup accelerator focused on the Fintech sector | – | dfslab.net | Seattle, United States |
Investor details for Payday
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
People of Payday
9 people are tracked at Payday (1 in leadership, 8 in team).
| Name | Role | Group |
|---|---|---|
Favour Ori | Founder | Leadership |
Temple Chukwuka | Account Manager | Team |
Bonaventure Umolu | Frontend Developer | Team |
Josteve A. | Mobile Application Engineer | Team |
Esther John Bassey | Customer Experience Associate | Team |
Samuel Okoro | Brand Ambassador | Team |
Isaiah Doebi | Customer Experience Associate | Team |
Agwu Nnenna Gift | Brand Ambassador | Team |
Dttf Iata Omoseyitan Ibiponmisola Ojomo M.sc | Customer Experience | Team |
Complete people profiles for Payday
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Timeline of Payday
4 dated milestones of Payday across 2 years, from founding to its latest funding, stage changes and deals.
- Founded Payday is founded.
- Funding First funding round of $2.0M.
- Funding Latest funding round, Seed, of $3.0M.
- Exit Acquired by Bitmama.
Competitors of Payday
Payday operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Remitly, Euronet Worldwide, Azimo, Xoom and BookMyForex, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| remitly.com | 2011 | Seattle, United States | $1.65B | 2,700 | Cross-border money transfers are facilitated via banking networks. | |
| euronetworldwide.com | 1994 | Leawood, United States | – | 10,000 | Electronic payments and transaction processing solutions are offered globally. | |
| azimo.com | 2012 | London, United Kingdom | $68.82M | 164 | Cross-border money transfers are enabled via a digital banking channel. | |
| xoom.com | 2001 | San Francisco, United States | $106.44M | 42 | Cross-border money transfers are enabled via banking channels. | |
| bookmyforex.com | 2011 | Gurugram, India | $5.59M | 231 | Online foreign exchange and remittance services are facilitated in India. | |
| ofx.com | 1998 | Sydney, Australia | – | – | International money transfer service provider. | |
| nala.com | 2017 | Nairobi, Kenya | $50.15M | – | Cross-border remittances are enabled online for individuals worldwide. | |
| smallworldfs.com | 2005 | London, United Kingdom | – | 867 | International money transfers are provided to consumers worldwide. |
Detailed competitors of Payday
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Web traffic of Payday
The website of Payday (usepayday.com) receives about 5.8K visits a month.
- Monthly visits5.8K
▼ 24% vs previous month
Latest news on Payday
Complete news archive for Payday
Full article history, source details, and older brand coverage require an active premium plan.
- Full article archive
- Source and publication date
- Older coverage
- Brand-specific news history
Verified entity values are shown only after access is granted.
Similar companies to Payday
10 companies that operate in the same segment as Payday (Payments & Remittance Platforms), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Digital payments, financial services, and e-commerce platforms are provided. | 2000 | Noida, Uttar Pradesh, India | USD 4.14 B | – | – | |
Payment, financial, investment, and lending services are provided digitally. | 2012 | Bengaluru, Karnataka, India | USD 1.71 B | – | – | |
Payment processing and card issuance solutions are provided for businesses. | 2009 | San Francisco, California, United States | USD 9.81 B | – | – | |
Cloud-based accounts payable and receivable software for businesses | 2006 | Palo Alto, California, United States | USD 325.6 M | USD 1.65 B | 2,360 | |
Payment and business banking solutions are provided for enterprises. | 2014 | Bengaluru, Karnataka, India | USD 742 M | USD 302.19 M | 2,641 | |
Spend management and accounts payable solutions are delivered to businesses. | 2019 | New York, New York, United States | USD 3.21 B | – | – | |
Payment acceptance and processing solutions provider for businesses | 2018 | Gurugram, Haryana, India | USD 604.02 M | USD 179.52 M | 709 | |
Business spends, payments, and rewards are streamlined by automated workflows. | 2011 | Hyderabad, Telangana, India | USD 13.75 M | USD 149.43 M | 431 | |
Online payment processing and credit solutions are provided for businesses. | 2002 | Amsterdam, Netherlands | USD 35.15 M | USD 5.47 B | 1,200 | |
SaaS-driven credit card and spend management solutions platform for businesses | 2017 | Draper, Utah, United States | USD 1.16 B | – | 1 |
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Frequently Asked Questions about Payday
Payday was founded in 2021.
Payday is headquartered in Vancouver, Canada. It is registered at Vancouver, British Columbia, Canada.
Payday is a funded company, having raised a total of $5M across 2 funding rounds to date. The company's 1st funding round was a Seed of $2M, raised on Oct 2021.
Payday is engaged in providing digital banking solutions, including global money transfers and virtual Mastercard debit cards for online transactions. Services are extended to managing international bank accounts in multiple currencies such as USD, GBP, and EUR without hidden fees. The company operates primarily in the fintech sector, targeting freelancers, remote workers, and corporate employees with secure payment solutions. Operations are supported through partnerships with licensed transmitters in various jurisdictions.
Payday's top competitors include Azimo, Euronet Worldwide and NALA.
Payday offers Payday Virtual Card, Global Accounts, and Money Transfers.
Payday has 23 investors. Key investors include Moniepoint, Bitmama, Microtraction, Techstars, and Ingressive Capital.
Yes. Payday was acquired by Bitmama in December 2023.