Payd, a fintech startup that provides a payment platform catering to freelancers and creatives, was one of the winners at the Mozilla Africa Innovation Challenge held in Nairobi, Kenya.
A win for Africa's 86M + freelancers & creatives🤩
We are excited to announce that we emerged as one of the winners of the @mozilla_africa Mradi Innovation challenge, bagging a collective Ksh 4M grant from @mozilla⚡
Build the future with us: https://t.co/vWpuQctavv#GetPayd pic.twitter.com/FdTulQ0Gic
— #GetPayd – mypayd.app🤓 (@mypaydapp) June 28, 2023
The Mozilla Africa Mradi Innovation Challenge has the objective of recognizing innovative solutions that tackle ongoing challenges in Africa and leverage technology to bring about positive changes in communities.
The competition was divided into two tracks:
- The student track
- The startup track
Payd participated in the startup track and successfully progressed to the final rounds of the competition.
The startup, co-founded by Japheth Achimba and Benaiah Wepundi, both of whom are alumni of Power Learn Project, an impact organization dedicated to providing affordable and accessible tech training to youth across Africa, managed to impress the judges with their product.
Their solution addresses several issues encountered by freelancers such as problems related to:
- Delayed or non-payment by clients,
- The need for personalized payment workflows
- Manual receipting
- Redundant invoicing processes, and
- The absence of effective financial tracking and planning
Payd’s capacity to streamline payment procedures, improve financial management, and empower freelancers to manage their earnings effectively set them apart, ultimately leading them to secure the grant of KES 4 million ($27,529.25).
This grant comprises a milestone-based amount of KES 3.5 million ($24,088.09) along with an additional Ksh 500,000 ($3,441.16) designated for technical support. The funding is intended to further enhance the development of their innovative payment platform.
“We are thrilled and honored to have Payd recognized in the Mozilla Africa Mradi Innovation Challenge,” said Japheth, Co-Founder of Payd.
“Our experience as freelancers inspired us to create a solution that addresses the pain points faced by many in the industry. This grant will enable us to accelerate the development of Payd and empower freelancers and creatives to thrive in their professional pursuits.”
It is estimated that there are over 1.2 million online freelancers in Kenya and over 80 million in Africa making PayD an innovative solution that serves this growing userbase.
