Tunisia-Based PAYDAY Lands Pre-Seed Funding To Expand Financial Inclusion Model

PAYDAY Takaful, a Tunisian fintech and insurtech startup, has raised its first pre-seed round led by United Gulf Financial Services (UGFS North Africa), a Tunisia-based asset management and private equity firm licensed by the Tunisian Capital Market Authority, with participation from TALYS Group, a Madagascar-based diversified business group active in distribution, real estate, and hospitality, and BioProtection SA, a Tunisia-based industrial biotechnology company specializing in bioprotection solutions. The round values the company at US$3 million. 

Founded in 2023 between London and Tunis by Mohamed Anouar Gadhoum and Marwen Omezzine, PAYDAY connects insurers, banks, and employers to provide low- and middle-income workers with digital financial solutions that enhance productivity and promote financial stability. 

In an interview with Inc. Arabia, Gadhoum, co-founder and CEO, PAYDAY, explained that his startup was born out of what he calls “a simple but powerful observation: millions of workers in emerging markets face daily liquidity gaps and have little access to ethical financial protection.” The company has processed more than 10,000 transactions, with a total value exceeding TND8.2 million (US$2.79 million) disbursed in under a year and a half—a track record that, according to Gadhoum, gave investors confidence in PAYDAY’s model and demonstrated that it delivers real, measurable impact. 

PAYDAY has thus, from its base in London and with operational activities managed out of Tunisia, positioned itself as a bridge between ethical finance and digital innovation. “Our mission is clear: to make financial well-being accessible to everyone," Gadhoum said. "We achieve this by combining ethical finance and digital innovation to help employers support their teams through salary-backed, interest-free advance."

At the core of PAYDAY’s model lies a unique blend of salary-backed financing and micro-Takaful protection, designed to close the gap between liquidity and coverage. “In Tunisia, as in many emerging economies, employees often rely on informal or costly borrowing to bridge liquidity gaps, while employers struggle to support staff without affecting their own treasury. Insurance coverage—especially micro-insurance—is also very limited. By blending salary financing with micro-Takaful protection, PAYDAY built a dual-impact solution: fast, interest-free access to earned wages, combined with protection for employees and their families. This approach promotes financial inclusion and workplace stability,” Gadhoum said. 

Gadhoum noted that the fresh backing provides not just funding, with the investors bringing “strategic depth, technology integration, and market reach.” He explained, “UGFS strengthens our financial governance and growth strategy across regional markets. Talys supports us in integrating PAYDAY’s solution with multiple banks, microfinance institutions, and insurers, reinforcing our interoperability and scalability. Bioprotection SA provides industrial and operational leverage, helping us accelerate partnerships with employers and institutions.” 

Building on its early momentum in Tunisia, the company now has its sights set on regional expansion. “In the GCC, we are preparing the launch of PAYDAY Oman, which will serve as our regional hub for the Gulf region,” he said. “In Africa, we are already in advanced negotiations with several governments (currently undisclosed) to deploy PAYDAY’s platform under a B2B2C-to-B2G2C model, extending our reach from employers to government-linked financial inclusion initiatives.” 

As PAYDAY grows beyond Tunisia, Gadhoum noted, the company must adapt to varying financial regulations and digital ecosystems across regions. “The key challenges differ by region: in Africa, regulatory fragmentation and digital infrastructure remain the main hurdles; in the GCC, the focus is on licensing and compliance alignment with central banks. To navigate these, PAYDAY partners with local financial institutions and leverages its Shariah governance expertise to ensure both trust and compliance.” 

Looking ahead, Gadhoum sees the financial inclusion movement in the MENA entering a new phase shaped by technology and values-driven finance. “We believe the next five years will redefine the meaning of inclusion—driven by technology, partnerships, and ethical finance,” he said.  

He outlined how this transformation could unfold. “Four key trends stand out: embedded finance will dominate, as financial services become seamlessly integrated into payroll, e-commerce, and everyday life; Shariah-compliant and ethical finance will gain mainstream traction, reflecting global demand for transparent, values-driven models; AI and data-driven credit scoring will unlock access for underserved segments, making financial products more adaptive and personalized; and government-fintech collaboration (B2G2C) will accelerate inclusion—where fintechs like PAYDAY act as digital enablers of social and salary-linked programs.” 

Pictured in the lead image is the PAYDAY team. Image courtesy PAYDAY.