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

The Nigerian crypto level Bitmama is reportedly acceptable to get the African remittances startup Payday for $1 million. Reports of Payday’s acquisition travel astir a twelvemonth aft the startup raised $3 cardinal successful a backing round.

Bitmama’s Pivot From Crypto

The Nigerian crypto level Bitmama is acceptable to get the cross-border outgo startup Payday for a reported sum of $1 million. The acquisition deal, which puts Payday’s worth astatine $30 million, allows Bitmama to broaden its merchandise offering to see cross-border remittances without having to commencement this work from scratch.

According to a Dec. 5 Techcabal report, Bitmama’s yet-to-be-consumated acquisition woody comes astir a twelvemonth aft the antecedently high-flying Payday successfully raised $3 cardinal successful a backing round. Commenting connected the deal, Favour Ori, laminitis and CEO of Payday, said:

“The woody is simply a enactment successful progress. If the woody goes through, the effect volition beryllium a beardown squad with overmuch much efficiency.”

When the woody is finalized, Bitmama is expected to instrumentality implicit Payday’s lawsuit deposits and the remittance firm’s liabilities.

Ruth Iselema, who founded Bitmama successful 2019, explained however her platform’s pivot distant from its crypto-only attack convinced Ori to approach. She besides suggested that Bitmama’s tendency to go a starring remittance work supplier made the woody to bargain Payday adjacent much lucrative.

Meanwhile, Payday’s downfall whitethorn beryllium linked to the founder’s extravagance and brash absorption benignant arsenic good arsenic the company’s nonaccomplishment to efficaciously woody with lawsuit complaints, according to reports.

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