Firm launches new product Cherry finance

Nigerian fintech startup, Payday has announced the launch of a new product called ‘Cherry finance’, a new remittance product that will target African immigrants in North America (US & Canada) and enable them send money back home securely and affordably.

For it’s pilot phase, cherry will gradually roll out in the US starting this month and users will be able to send to Nigeria and soon Ghana, Kenya and the rest of Africa.

Cherry customers will have access to several payment methods including cards, apple pay, Google pay, ACH and Stablecoins.

Sub-saharan Africa received over $49 billion in personal remittances in 2021 according to the world bank. Most of the remittances were used for the purchase of daily necessities like food, healthcare, tuition fee, etc.

In June 2021, Favour Ori Launched Payday – a Digital Neobank for African freelancers and remote workers. Payday issues USD, GBP, and EUR bank accounts with a Virtual Mastercard (for spending globally). Payday secured $2.2M (pre-seed) from global investors like Techstars, Ethos VC, Loftyinc Capital, Ingressive Capital, Magic fund, Gbenga Agboola (CEO of Flutterwave), etc. Payday currently has over 100,000 users (growing 40% Month on Month) and processing millions of dollars every month. In August 2022, Payday broke even. Now, they plan to accelerate growth.

Cherry is partnering with Africa’s highest-valued startup, Flutterwave, which already supports cross-border transfers to 34 of the continent’s 54 countries. The partnership will help Cherry quickly comply with local regulations in its countries of operation.