Nigerian Crypto Firm Bitmama to Pay $1 Million for Startup That Raised $3 Million in February

Nigerian crypto platform Bitmama will reportedly acquire African remittance startup Payday for $1 million. Reports of Payday’s acquisition come nearly a year after the startup raised $3 million in a funding round.

Bitmama’s turn from cryptocurrencies

Nigerian crypto platform Bitmama will acquire cross-border payments startup Payday for a reported sum of $1 million. The acquisition deal, which values ​​Payday at $30 million, allows Bitmama to expand its product offering to include cross-border remittances without having to start this service from scratch.

According to a Dec. 5 Techcabal report, Bitmama’s yet-to-be-done acquisition deal comes nearly a year after previously high-flying Payday successfully raised $3 million in a funding round. Commenting on the deal, Favor Ori, Founder and CEO of Payday, said:

“The agreement is a work in progress. If the agreement is finalized, the result will be a strong and much more efficient team.”

When the deal closes, Bitmama is expected to take over Payday’s customer deposits and the remittance company’s liabilities.

Ruth Iselema, who founded Bitmama in 2019, explained how her platform’s move away from its crypto-only focus convinced Ori to reach out. She also suggested that Bitmama’s desire to become a leading provider of remittance services made the deal to buy Payday even more lucrative.

Meanwhile, Payday’s downfall may be related to the founder’s flamboyance and brash management style, as well as the company’s inability to effectively address customer complaints, according to reports.

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