Tunisia’s PAYDAY Secures $3 Million Pre-Seed to Revolutionize Digital Finance for African Workers
Tunisian fintech innovator, PAYDAY, has successfully closed its initial pre-seed funding round, raising a substantial $3 million. This significant investment is poised to fundamentally alter how workers across Tunisia and the wider region access essential financial services digitally. The capital injection, spearheaded by UGFS (United Gulf Financial Services) North Africa, with crucial participation from TALYS Group and BioProtection SA, marks a pivotal moment for the startup as it aims to deliver tailored digital loans and micro-insurance solutions to low- and mid-income employees. This funding also represents a major step towards PAYDAY’s ambitious expansion strategy across Tunisia and the broader North African landscape, addressing a critical need for accessible financial tools in the rapidly growing African tech ecosystem.
Empowering Employees Through Innovative Digital Financial Solutions
Founded in 2024 by Mohamed Anouar Gadhoum and Shaher Abbas, PAYDAY operates on a collaborative model, strategically uniting banks, insurance providers, and employers to offer bespoke financial products to medium- and lower-income wage earners. At the core of its offering are salary-backed digital loans and a comprehensive micro-Takaful insurance package. These innovative solutions are designed not only to bolster employees’ financial stability but also to significantly enhance workplace productivity. Micro-Takaful, a key component, embodies an Islamic microinsurance model, providing affordable and essential protection for low- and medium-income individuals based on cooperative principles. By leveraging digital platforms, PAYDAY is making finance more transparent, accessible, and inclusive for a demographic often underserved by traditional financial institutions. This strategic approach ensures that valuable financial tools are within reach, fostering a more secure and productive workforce throughout the region.
This significant funding round propels PAYDAY into a leading position to drive digital financial inclusion, transforming the economic landscape for countless workers. The company’s commitment to empowering individuals through accessible and ethically designed financial products positions it as a vital player in the evolution of African financial technology, fostering growth and stability for its target demographic and beyond.
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