Tunisian fintech startup PAYDAY has announced the successful closure of a $3 million pre-seed funding round. The investment was led by United Gulf Financial Services (UGFS), with participation from other key investors including TALYS and Bioprotection. This funding marks a significant milestone for the company as it prepares for local and regional expansion.
Strategic Funding for Expansion
The capital injection is a crucial starting point for PAYDAY’s mission to scale its operations within Tunisia and across the wider region. The company aims to solidify its position in the digital financial services sector, with a strong focus on solutions that align with the principles of ethical financing. The support from experienced investors like UGFS, TALYS, and Bioprotection is expected to accelerate its growth trajectory.
A New Approach to Employee Financial Wellness
Founded in 2024, PAYDAY provides a platform that digitizes requests for salary advances and group insurance for employees. The company’s innovative solution helps businesses reduce financial and administrative burdens while simultaneously enhancing employee productivity and financial well-being. A key differentiator of its model is that all services are interest-free and do not require credit checks, offering an accessible financial buffer for staff.
Vision for Financial Inclusion
“The primary goal of the PAYDAY project is to provide financial protection and improve the economic well-being of low and middle-income earners through solutions that combine Takaful insurance and financing,” stated Dr. Mohamed Anouar Kaddoum, Co-founder and CEO of PAYDAY. “We welcome our new partners at TALYS, UGFS, and Bioprotection, who will contribute their expertise to strengthen the company’s technical infrastructure and expand its reach to new segments of institutions and employees.”
About PAYDAY
PAYDAY is a Tunisian financial technology company established in 2024. It specializes in offering a digital platform for employees to access salary advances and group insurance benefits. By providing interest-free and credit-free solutions, PAYDAY aims to improve financial wellness for employees and streamline administrative processes for employers.
Source: Jawlah
