Favour Ori is launching a new remittance product called Cherry finance. Cherry will target African immigrants in North America (US & Canada) and enable them to send money back home securely and affordably. Their flat fee of $2 per transaction/transfer makes this service the cheapest in the market. Players like Sendwave, Wise, etc still charge between $10 - $200 per transaction. Asides the flat fee, Cherry has the best exchange rate in the Market. For its pilot phase, Cherry will gradually rollout in the US starting this month. Users will be able to send to Nigeria, and soon Ghana, Kenya, and the rest of Africa.
Cherry has a lot of payment methods including Cards, Apple Pay, Google Pay, ACH, and Stablecoins payment.
In a statement, Favour said - there’s still a large market share to capture and we’re bullish about what we’re building. We’ve done this before with Payday and we’re doing it again.
Cherry is partnering with Africa’s highest-valued startup, Flutterwave, which already supports cross-border transfers to 34 of the continent’s 54 countries. The partnership will help Cherry comply with local regulations in its countries of operation.
In June 2021, Favour Launched Payday - a Digital Neobank for African freelancers and remote workers. Issuing USD, GBP, EUR bank accounts with a Virtual Mastercard (for spending globally). Payday secured $2.2M (pre-seed) from global investors like Techstars, Ethos VC, Loftyinc Capital, Ingressive Capital, Magic fund, Gbenga Agboola (CEO of Flutterwave), etc
Payday has over 100,000 users (growing 40% Month on Month) and processes millions of dollars every month. In August 2022, Payday broke even. Now, they plan to accelerate growth.
Payday was recently showcased on the Nasdaq Tower in New York, USA because of their termentous growth and traction.