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Payday and BitMama in advanced acquisition talks

Fintech startup Payday is set to be acquired by Bitmama Inc., a blockchain payments platform.

Financial technology company Payday, which helps Africans send and receive money globally, is in talks to be acquired by BitMama, a Nigerian crypto exchange startup, a few months after Inclusion Times had reported the company was discussing a potential acquisition.

Multiple reports reaching Inclusion Times state that BitMama, led by its CEO Ruth Iselema, has reportedly offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation, TechCabal reported.

Iselema said, "Favour reached out to me because we're building products beyond crypto; one of those products is Changera, and it made sense to me."
BitMama CEO Ruth Iselema|Source: Business Insider

Bitmama, initially established as a cryptocurrency exchange, has transitioned its focus on global services, including remittance, Iselema shared.

This statement reveals that the acquisition of Payday will primarily enhance BitMama's remittance service, Changera. Launched in 2021, Changera enables cross-border payments, allowing its users to send and receive money in different currencies worldwide quickly and securely. If completed, this deal will mean that Changera would take over Payday's customer base and absorb several of Payday's key personnel across various departments, including marketing, customer service, and engineering.

BitMama's Team|Source:Techpoint

So far, Bitmama and Payday have declined to comment on the deal, claiming that acquisition talks were far from done.