Bitmama Inc., the blockchain payments platform, has announced the acquisition of Payday, a virtual card service provider. This acquisition comes 8 months after Payday’ raised a $3 million seed round led by MoniePoint.
The round also includes investment from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors – Dare Okoudjou Founder and CEO of MFS Africa & Tola Onayemi CEO of Norabase.
Payday is a fintech platform that offers global payment solutions such as virtual MasterCard and foreign employee payments. It was founded by Elijah Kingson and Favour Ori in 2021.
Bitmama’s cross-border payments product, Changera, will now be integrated into Payday’s entire customer base.
According to Bitmama, Payday’s brand will continue to exist but operate within the broader Changera umbrella, supported by its stablecoin infrastructure. This integration aims to address challenges faced by Payday, including dependence on third-party integrations, to enhance customer experience and service reliability.
Founded by Ruth Iselema in 2019, Bitmama enables traders to buy and sell Bitcoin, Ethereum, cUSD, Celo, and other digital assets in Africa via its Exchange and API services. Users can create their wallets and start buying or selling digital currencies by connecting with their bank accounts, credit or debit cards, and mobile money accounts.