Bitmama, the blockchain payments powerhouse, has officially acquired the Nigerian fintech startup, Payday! According to an insider, Bitmama sealed the deal through their star cross-border payments product, Changera.
Remember when Payday was buzzing in September, chatting up potential buyers six months after scoring a cool $3 million in a seed round led by Moniepoint?
Yep, those were the days… There were even rumors that Moniepoint flirted with the idea of snatching up Payday but, well, the deal ghosted. Turns out, Moniepoint’s board wasn’t all in.
Now, about Bitmama!
Founded by Ruth Iselema in 2017, Bitmama is on a mission to tackle market woes like dollar shortages and currency devaluation using stablecoin infrastructure. And get this – they announced a sweet $1.65 million pre-seed fund boost, just months after rocking an initial pre-seed round of $350,000.
But here’s the juicy part: Bitmama has its sights set on fixing Payday’s past glitches. Do you remember those tweets about arbitrary exchange rates and withdrawal restrictions? The anonymous grapevine shared that the Changera team is already working behind the scenes to iron out those kinks.
Changera, Bitmama’s brainchild founded in 2021, is a social payment solution that lets non-crypto wizards use their money globally. Virtual and physical dollar cards, anyone? Plus, they teamed up with MoneyGram for cash-in and cash-out magic using Circle’s stablecoin, USDC.
Now, why did Bitmama snag Payday? It’s not just about the cool virtual dollar cards; it’s also the access to Payday’s 678,000 users (as per Favour Ori’s last count) and their data. That’s a win-win without breaking the bank on expansion costs!
Payday’s future?
The source hinted that Payday might keep its mojo as a separate entity. Details are hush-hush for now, but transparency is the name of the game, and updates are coming our way soon.
The Merging!
Finally, there’s talk about merging the Payday and Changera teams for a fintech dream team. Bitmama and Payday together? – a match made in fintech heaven, creating a dynamic and comprehensive platform.
