Skip to main content

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

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

The Nigerian crypto platform Bitmama is reportedly set to acquire the African remittances startup Payday for $1 million. Reports of Payday’s acquisition come almost a year after the startup raised $3 million in a funding round.

Bitmama’s Pivot From Crypto

The Nigerian crypto platform Bitmama is set to acquire the cross-border payment startup Payday for a reported sum of $1 million. The acquisition deal, which puts Payday’s value at $30 million, allows Bitmama to broaden its product offering to include cross-border remittances without having to start this service from scratch.

According to a Dec. 5 Techcabal report, Bitmama’s yet-to-be-consumated acquisition deal comes nearly a year after the previously high-flying Payday successfully raised $3 million in a funding round. Commenting on the deal, Favour Ori, founder and CEO of Payday, said:

“The deal is a work in progress. If the deal goes through, the result will be a strong team with much more efficiency.”

When the deal is finalized, Bitmama is expected to take over Payday’s customer deposits and the remittance firm’s liabilities.

Ruth Iselema, who founded Bitmama in 2019, explained how her platform’s pivot away from its crypto-only approach convinced Ori to approach. She also suggested that Bitmama’s desire to become a leading remittance service provider made the deal to buy Payday even more lucrative.

Meanwhile, Payday’s downfall may be linked to the founder’s extravagance and brash management style as well as the company’s failure to effectively deal with customer complaints, according to reports.

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/vN9ztPn

Comments

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...