* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, July 27, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Top 5 entertainment news: Sandeep Reddy Vanga regrets trimming Animal’s runtime by 7-8 minutes, Akshay Ku – Times of India

    Top 5 Entertainment Highlights: Sandeep Reddy Vanga Reveals Why He Trimmed Animal’s Runtime by 7-8 Minutes, Plus Akshay Ku Updates

    Cote de Pablo reveals how Michael Weatherly used his soap opera roots to put her at ease in “NCIS” love scene – yahoo.com

    Cote de Pablo Reveals How Michael Weatherly’s Soap Opera Background Made Their “NCIS” Love Scene Easier

    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Eagle Unveils Revolutionary X-Ray Technology at Pack Expo

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    Sustainserv and Palau Announce Technology Partnership to Leverage Innovative AI Platform to Advance Sustainability Reporting – Business Wire

    Sustainserv and Palau Team Up to Transform Sustainability Reporting with Breakthrough AI Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Top 5 entertainment news: Sandeep Reddy Vanga regrets trimming Animal’s runtime by 7-8 minutes, Akshay Ku – Times of India

    Top 5 Entertainment Highlights: Sandeep Reddy Vanga Reveals Why He Trimmed Animal’s Runtime by 7-8 Minutes, Plus Akshay Ku Updates

    Cote de Pablo reveals how Michael Weatherly used his soap opera roots to put her at ease in “NCIS” love scene – yahoo.com

    Cote de Pablo Reveals How Michael Weatherly’s Soap Opera Background Made Their “NCIS” Love Scene Easier

    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Eagle Unveils Revolutionary X-Ray Technology at Pack Expo

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    Sustainserv and Palau Announce Technology Partnership to Leverage Innovative AI Platform to Advance Sustainability Reporting – Business Wire

    Sustainserv and Palau Team Up to Transform Sustainability Reporting with Breakthrough AI Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Exclusive: Nigerian fintech PayDay is looking to sell the company six months after $3m raise

September 21, 2023
in Technology
Exclusive: Nigerian fintech PayDay is looking to sell the company six months after $3m raise
Share on FacebookShare on Twitter

Months after raising $3 million, the Nigerian fintech PayDay is in talks and hopes to conclude a sale of the company soon. 

Six months after raising $3 million in a seed round led by Moniepoint, the Nigerian fintech startup Payday is actively speaking to buyers. Favour Ori, the startup’s CEO, confirmed that PayDay is entertaining conversations with potential acquirers. “Active conversations are being had with people who reached out and expressed interest in buying,” Favour told TechCabal.

In March, one publication reported that Moniepoint was in discussions to buy Payday; a journalist at that publication said privately that the deal would be closed in three months. “Favour himself leaked the news,” One source close to the situation said. “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.” But by May, there had been no update about the deal. 

A highly placed member of PayDay’s management said the company was open to being acquired before its seed round. Despite this openness to being bought, the Moniepoint deal did not go through, with one source claiming that Moniepoint’s board was not keen on the deal. One source at a VC with equity in Moniepoint claimed that they first heard about the potential acquisition of PayDay in the media. Despite Moniepoint pulling out of the deal, TechCabal confirmed that talks to sell the company are ongoing.

A wave of bad press may have complicated attempts to sell the company. In August, PayDay acknowledged that it suspended access to customer accounts after it noticed some customers had lost funds to fraudulent activities. While an employee familiar with the matter refused to disclose how much was lost, they admitted that PayDay temporarily disabled access to several accounts to recover funds stolen by people who exploited a loophole in Payday’s infrastructure that enabled currency arbitrage. “The company didn’t publicly acknowledge that it had restricted accounts until a prominent blog accused the company of misappropriating customer funds,” a source told TechCabal.

As the company pushed back on bad press, it also had to deal with internal issues. 

A contentious salary adjustment at PayDay

Current and former employees said PayDay slashed salaries of some Nigerian staff in July—three months after the $3 million raise. “They told us that it was because the company wanted to be domiciled in Nigeria and was obligated to pay its resident employees in Naira,” a current employee said. While employees expected the Naira equivalent of their salaries to align with their dollar salaries, the actual amounts fell short, amounting to 30-50% reductions. The company said the cut was necessary to adjust the wages of employees in Nigeria to the regular pay for such roles in the country. A highly placed source claimed that less than 10 of the company’s 60 staff were affected and that PayDay planned to assign stock options to the employees as further compensation. PayDay employees told Techcabal that the stock options that were promised had not materialised.

The displeasure of employees was complicated by the fact that Favour, who shuttled between Rwanda and the U.S maintained his monthly salary of $15,000. “I went months without a salary before we raised it,” Favour said. “After we did, I earned $15,000, but that has been slashed to reduce the burn rate.”

Those salary reductions coincided with the exit of several employees, including co-founder and Chief Operating Officer (COO) Ogechi Obike. Obike’s exit note cited a misalignment of goals as the reason for her departure. Three current and former employees described meetings in which Obike and Favour argued. “During meetings, he provoked arguments, particularly when she proposed alternative approaches different from his own,” said a company insider. The same source claimed Obike was omitted from conference calls involving service providers, investors, and other stakeholders. A source at PayDay’s management denied these claims and said that Favour often had praise for Obike, and she left by mutual agreement. 

Favour Ori’s shiny object syndrome 

Sources say that many of Favour’s decisions often came out of the blues. “There were instances when we would wake up to discover upcoming features through Twitter, and even the product team had no prior knowledge of these developments,” one person said. “At times, he would suddenly take control of the company’s social media account to respond to customer complaints.”  An employee insisted that Favour’s behaviour was typical of founders in the early stages and not necessarily odd or worrisome.

Several people said that Favour had a pattern of hiring top talent from renowned startups, primarily through social media. Once he had recruited them, he rarely allowed them to implement their own ideas instead of compelling them to conform to his directives, effectively stifling their ability to apply their expertise. A member of PayDay’s management who asked not to be named pushed back on some of these claims; ”The team is dealing with a lot, and everyone is stressed, the source said. “I don’t know that anyone left because they were dissatisfied.”

The impulsiveness of the company’s founder was sometimes costly. Some customers lost money while trying to create virtual cards, while others could not access their accounts. “All of this happened because Favour abruptly switched from our previous Mastercard provider to a new one, with minimal to no prior vetting. As soon as the switch happened, we were inundated with a wave of customer complaints,” said an employee to TechCabal. The company claims that it has refunded all the affected customers.

Lately, Favour has reduced his involvement in the company. “He is no longer as active as he once was on the company’s Slack channel, except for a few occasions when he drops messages in the engineering channel,” a source told TechCabal. A source also disclosed that while he is occupied with attempts to sell the company, Favour has worked full-time at GitHub. “Early in the year, during a team hangout, Favour showed us his Github work ID when introducing himself, implying that Payday was a side hustle.” Additionally, PayDay’s co-founder Elijah Kingson is employed at London-based fintech Revolut. Both co-founders declined to comment.

Have you got your tickets to TechCabal’s Moonshot Conference?Click here to do so now!

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2023/09/20/fintech-payday-is-looking-to-sell-months-after-3m-raise/

Tags: “NigerianExclusivetechnology
Previous Post

Adetutu Laditan on how creators can better drive growth on YouTube

Next Post

Postbank confirms full SASSA SRD grant payments amid fraud attempts

Energy landscapes direct the movement preferences of elephants – besjournals

Energy landscapes direct the movement preferences of elephants – besjournals

July 27, 2025
At United Nations Summer Program, Computer Science Student Examines AI Ethics – Georgetown University

At United Nations Summer Program, Computer Science Student Examines AI Ethics – Georgetown University

July 27, 2025
Return of wolves to Yellowstone has led to a surge in aspen trees unseen for 80 years – Live Science

Wolves’ Return to Yellowstone Sparks Unprecedented Aspen Tree Boom After 80 Years

July 27, 2025
‘Bluey’ Is Growing Up: BBC Plots All-Ages Expansion For The Franchise As A Full-Fledged Lifestyle Brand – Cartoon Brew

‘Bluey’ Is Growing Up: BBC Plots All-Ages Expansion For The Franchise As A Full-Fledged Lifestyle Brand – Cartoon Brew

July 27, 2025
Katie Ledecky, Summer McIntosh and a race for the ages at World Swimming Championships – NBC Sports

Katie Ledecky and Summer McIntosh Ignite an Epic Showdown at the World Swimming Championships

July 27, 2025
5 ways Trump has shaped the economy in 6 months – The Hill

5 Game-Changing Ways Trump Transformed the Economy in Just 6 Months

July 27, 2025
Flutter Entertainment Announces Pricing Of $1.272 Bln Of Additional Senior Secured Notes Due 2031 – Nasdaq

Flutter Entertainment Raises $1.27 Billion in Major Senior Secured Notes Offering Due 2031

July 27, 2025
KFF Health Tracking Poll: Public Views on Recent Tax and Budget Legislation – KFF

How the Public Really Feels About the Latest Tax and Budget Changes

July 27, 2025
Dollar falls against yen as markets weigh new trade deal, Japanese politics – Reuters

Dollar falls against yen as markets weigh new trade deal, Japanese politics – Reuters

July 27, 2025
Clinch County Schools prepare for students’ return with new policies, technology – WALB

Clinch County Schools Prepare for Students’ Return with Exciting New Policies and Cutting-Edge Technology

July 27, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (741)
  • Economy (765)
  • Entertainment (21,645)
  • General (16,133)
  • Health (9,803)
  • Lifestyle (773)
  • News (22,149)
  • People (767)
  • Politics (774)
  • Science (15,980)
  • Sports (21,262)
  • Technology (15,746)
  • World (748)

Recent News

Energy landscapes direct the movement preferences of elephants – besjournals

Energy landscapes direct the movement preferences of elephants – besjournals

July 27, 2025
At United Nations Summer Program, Computer Science Student Examines AI Ethics – Georgetown University

At United Nations Summer Program, Computer Science Student Examines AI Ethics – Georgetown University

July 27, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version