PAYDAY Takaful

Overview

PAYDAY Takaful is a Tunisian fintech and insurtech startup founded in 2024 by Mohamed Anouar Gadhoum and Shaher Abbas. It offers a comprehensive digital platform connecting insurers, banks, and employers to provide salary-backed financing and micro-Takaful insurance, aimed at empowering low- and medium-income workers. Headquartered in Tunisia, PAYDAY Takaful's innovative approach is designed to promote financial well-being and productivity. As of its most recent funding round, the company was valued at $3 million after securing pre-seed funding from UGFS North Africa, TALYS Group, and BioProtection SA.

Recent Developments

October 2025: PAYDAY Takaful closed its first pre-seed financing round at a $3 million valuation. The financing was led by UGFS North Africa, with participation from TALYS Group and BioProtection SA. This funding marks a significant milestone for PAYDAY Takaful as it aims to expand regionally and enhance its platform [1][2][3].
PAYDAY is evolving into a financial and insurance aggregator that integrates banks, microfinance institutions, and insurers to offer inclusive services not just to businesses but also directly to employees and individuals. This shift targets expanding its market presence across North Africa [3][4].

Key Achievements:

Over 10,000 transactions recorded with a value exceeding 8.2 million Tunisian dinars since its inception [1][5].
Launch of a fully digital, interest-free, credit-free financial solution that combines salary-backed financing with micro-Takaful protection, setting a benchmark for financial inclusion [6].

Attribute	Information
Founding Date	2024
Headquarters	Tunisia
Founders	Mohamed Anouar Gadhoum, Shaher Abbas
Revenue	N/A
Profits	N/A
Key Investors	UGFS North Africa, TALYS Group, BioProtection SA
Industry	Fintech, Insurtech
Number of Employees	N/A

Early History

PAYDAY Takaful was founded in 2024 by Mohamed Anouar Gadhoum and Shaher Abbas with a vision to provide financial empowerment and inclusion for low- and medium-income wage earners through salary-backed financial solutions and micro-Takaful insurance. The company began by connecting insurers, banks, and employers within Tunisia to facilitate these offerings. Early on, PAYDAY Takaful focused on establishing a robust digital platform to enable seamless salary advance requests and employee insurance processes. Its launch was met with a promising uptick in demand, demonstrated by over 10,000 transactions and the creation of a digital ecosystem fostering cooperation among financial entities [5][6].

Company Profile and Achievements

PAYDAY Takaful operates on a business model that combines financial technology with insurance technology, focusing on micro-financial products that adhere to Sharia principles, thereby appealing to a broad base in Islamic regions. Major achievements of PAYDAY Takaful include:

2024: Official launch in Tunisia, positioning itself as a pioneer in combining fintech with Takaful insurance for workforce empowerment.
2025: Secured pre-seed funding of $3 million, a key milestone driving regional expansion and service innovation [2][4].

PAYDAY Takaful offers digital solutions to engage employers, allowing them to provide interest-free, credit-free salary advances and insurance packages as employee benefits. This approach not only enhances employee well-being but also boosts employer productivity and retention rates by addressing liquidity issues commonly faced by workers in emerging markets [4][6].

Current Operations and Market Position

Currently, PAYDAY Takaful is enhancing its role as a financial aggregator in North Africa by integrating banks and microfinance institutions into its platform. Its services facilitate salary advances and micro-insurance packages without impacting employers' treasuries, thereby offering a sustainable solution for both employers and employees. PAYDAY's market position is strengthened by its ethical, Sharia-compliant financial products, positioning the company as a competitive player in the fintech and insurtech industries within the region, focusing on financial inclusivity and protection [5][6].

Conclusion

PAYDAY Takaful stands as a significant entity within the fintech and insurtech landscapes, particularly in the North African region. Its innovative approach to salary-backed financing and Sharia-compliant micro-takaful insurance solutions addresses critical financial gaps for low- and middle-income workers. The company's trajectory reflects a strategic expansion fueled by recent funding, positioning it for broader regional impact and scaling of its robust digital solutions platform. As PAYDAY Takaful continues to evolve, it is poised to become a pivotal player in financial inclusivity and resilience across the North African financial ecosystem.