According to local reports, BitMama, the Nigerian crypto platform, has closed a deal and acquired cross-border payments app, PayDay.
BitMama, led by CEO, Ruth Iselema, purportedly extended an offer to PayDay investors, providing them with $1 million worth of equity in the cryptocurrency company at a valuation of $30 million.
“Favour [CEO, PayDay] reached out to me because we’re building products beyond crypto; one of those products is Changera, and it made sense to me,” said Iselema.
While Bitmama started as a crypto exchange, it now focuses on global services, including remittance.
The move means Bitmama won’t have to develop a new software stack or allocate resources to acquire new users for the relatively new product, Changera.
Bitmama is expected to assume PayDay’s customer deposits and liabilities. It is also set to absorb several PayDay’s key personnel across various departments, including marketing, customer service, and engineering.
