Bisina SomtoPayDay, backed by Moniepoint, is currently in discussions for acquisition by BitMama, a rising Nigerian crypto exchange start-up.
This development comes three months after a report by TechCabal hinted at PayDay exploring potential buyers.
Join our WhatsApp ChannelUnder the leadership of CEO Ruth Iselema, BitMama is reported to have extended an offer of $1 million worth of equity to PayDay investors, valuing the crypto company at an impressive $30 million.
The proposed acquisition holds promise for both entities, positioning them to emerge as a formidable team with enhanced efficiency.
BitMama’s expansion beyond its crypto exchange origins is evident in its focus on global services, including remittance.
READ ALSO: Elon Musk Tops List Of Billionaires As Bezos, Gates, Others Gain $115bn In November
Iselema expressed the strategic alignment between the two companies, citing PayDay’s product, Changera, as a key factor in the acquisition talks.
“The synergy with Changera and our broader vision for products beyond crypto is what drew us to PayDay,” said Iselema. By acquiring PayDay, BitMama stands to gain a competitive advantage, avoiding the need to initiate Changera, a relatively new remittance service, from the ground up.
This move allows BitMama to bypass the challenges of developing new software stacks and acquiring users, streamlining its entry into the remittance market.
Favour Ori, the CEO and founder of PayDay, emphasized the ongoing nature of the deal, stating, “If the deal goes through, the result will be a strong team with much more efficiency.”
As part of the potential agreement, BitMama is poised to assume PayDay’s customer deposits and liabilities, consolidating its position in the fintech space.
Despite PayDay’s earlier highs, including positive Twitter publicity and a partnership with Starlink, challenges surfaced, bringing to light internal discontent and operational issues.
Favour Ori’s leadership style, initially praised for its boldness, faced scrutiny as the company grappled with customer complaints and employee dissatisfaction.
Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.
She covers a wide range of topics, from celebrity interviews to industry trends and film reviews.
As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.
Somto is dedicated to providing valuable information and entertainment to her audience while upholding the highest standards of journalistic integrity.
Follow Somto on social media:
LinkedIn: Somtochukwu Bisina
#EntertainmentReporter #MediaProfessional #Journalism
Follow Us