Nigerian fintech startup, Payday which is well known for providing dollar card for online purchases has undergone acquisition by a leading blockchain payments startup, Bitmama. This acquisition was done through, Changera a a cross-border payment product from Bitmama.
This acquisition has been well speculated as there has already been reports that Payday was speaking to buyers concerning an acquisition. This speculations came after the company raised a whooping $3 million in a seed round that was led by Moniepoint in February 2023. There was also another report that Moniepoint were in discussions to buy Payday.
Although, the publication read, “Moniepoint had issued a letter of intent to acquire Payday, contingent upon specific performance benchmarks”. Various sources also confirmed that Moniepoint was not very interested in the deal.
Bitmama was founded by Ruth Iselema in 2017 and it leverages the stablecoin infrastructure to address prevailing market inefficiencies which include dollar scarcity, devaluation of currencies and high costs that comes with remittance.
The question a lot of people are asking is if the Payday brand will be absorbed or retained as a separate entity but it is not yet confirmed and more information will be provide once it is confirmed.