Tunisian fintech and insurtech startup PAYDAY has closed its first pre-seed funding round, reaching a valuation of $3 million. The round was led by UGFS North Africa (United Gulf Financial Services), with participation from TALYS Group and BioProtection SA. This marks a major step forward for the company as it builds financial wellness solutions for low- and middle-income workers across Tunisia and beyond.
Founded in 2024 by Dr. Mohamed Anouar Gadhoum and Shaher Abbas, PAYDAY’s goal is to redefine how employees access financial and insurance services by connecting insurers, banks, and employers through a single digital platform.
Transforming Financial Inclusion
PAYDAY’s mission centers on financial empowerment and inclusive protection for workers often excluded from traditional financial systems. Through a fully digital platform, PAYDAY integrates salary-backed financing and micro-Takaful insurance, helping employees manage cash flow, access protection, and build long-term financial security.
Its core objectives include:
- Providing salary-linked financial solutions for workers.
- Offering micro-insurance coverage through Takaful models.
- Partnering with employers and financial institutions to support workforce productivity.
- Promoting financial inclusion among underbanked individuals and small businesses.
Since launching, PAYDAY has completed over 10,000 transactions, with a total transaction volume surpassing 8.2 million Tunisian dinars. These early results validate its approach and demonstrate rising demand for accessible financial products.
Backing from Strategic Investors
This pre-seed funding round brings together a strong mix of financial and industrial partners. According to Dr. Gadhoum, the collaboration between a venture capital firm, a technology group, and an industrial company gives PAYDAY a solid foundation to accelerate its growth.
He emphasized that this alliance enhances PAYDAY’s ability to scale operations, develop new products, and serve businesses and employees with greater efficiency. The investment will also enable the startup to strengthen its infrastructure and expand its network of financial partners.
Expanding into a Financial Aggregator
Building on its early success, PAYDAY plans to evolve into a financial and insurance aggregator. The company aims to integrate:
- Banks and microfinance institutions for digital lending and salary advances.
- Insurers and Takaful providers for affordable protection plans.
- Employers and HR systems for seamless payroll-based solutions.
This broader ecosystem will enable PAYDAY to offer inclusive, data-driven services not only to corporate clients but also directly to individuals. The goal is to make financial well-being accessible to everyone, fostering greater economic stability across North Africa.
With its strong investor backing, scalable technology, and mission-driven vision, PAYDAY is positioning itself as a regional leader in digital financial wellness and inclusive insurance.