Bitmama Acquires Payday
The Nigerian crypto platform Bitmama is acquiring the cross-border payment startup Payday for a reported sum of $1 million. This acquisition deal allows Bitmama to expand its product offering to include cross-border remittances without starting from scratch. Payday, which raised $3 million in a funding round just a year ago, is valued at $30 million in this deal.
According to reports, the acquisition is still in progress, but if successful, it will create a stronger team with improved efficiency. Bitmama will take over Payday’s customer deposits and liabilities once the deal is finalized.
Bitmama’s Pivot and Payday’s Challenges
Bitmama’s pivot from its crypto-only approach attracted Payday’s founder and CEO, Favour Ori. Payday’s downfall is attributed to the founder’s extravagant and brash management style, as well as the company’s failure to address customer complaints effectively.
Hot Take: Bitmama Expands Services with Payday Acquisition
Bitmama’s acquisition of Payday allows the Nigerian crypto platform to enter the cross-border remittance market. By acquiring an established startup like Payday, Bitmama can expand its product offerings without starting from scratch. This move demonstrates Bitmama’s ambition to become a leading remittance service provider in Africa. While Payday’s previous success in fundraising showcases its potential, the company’s challenges, including management issues and customer complaints, led to this acquisition opportunity. As the deal progresses, Bitmama and Payday aim to create a stronger team and enhance their efficiency to better serve customers in the remittance space.
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