According to a report by TechCabal, Nigerian fintech Payday is actively looking for buyers for the company.
The company which raised $3 million in a seed round six months ago is entertaining conversations with potential buyers.
Reports Of Acquisition By Moniepoint
Moniepoint had reportedly looked into full acquisition of Payday when the company led PayDay’s seed round. A source had stated that Moniepoint had issued a letter of intent to acquire Payday, contingent upon specific performance benchmarks being met. It was a matter anticipated in the near future.
Past Controversy
Payday has been involved in past controversies including suspension of access for customers who had lost funds to fraud. A blog post had also accused the company of misappropriating customer funds.
Lack of Involvement From PayDay’s CEO
According to sources, Payday’s CEO Favour Ori, has reduced his involvement in the company. The sources stated that Favour has been working full-time at GitHub and had implied in a team meeting earlier in the formation of the company that “Payday was a side hustle” while the company’s co-founder Elijah Kingson, is also fully employed at London-based fintech Revolut.
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